Economic Bulletin (Vol. 34 No.3)

Vol. 34 | No.
Republic of Korea
Economic Bulletin
The Green Book : Current Economic Trends
Overview
1. External economic situation
2. Private consumption
3. Facility investment
12
4. Construction investment
14
5. Exports and imports
16
6. Mining and manufacturing production
18
7. Service sector activity
20
8. Employment
22
9. Financial markets
9.1 Stock market
9.2 Exchange rate
9.3 Bond market
9.4 Money supply & money market
26
10. Balance of payments
30
11. Prices and international commodity prices

11.1 Prices
11.2 International oil and commodity prices
32
12. Real estate market

12.1 Housing market
12.2 Land market
36
13. Industrial output and composite indices of business cycle

indicators
40
Featured Issue
Korea as a global free trade hub
42
Policy Issues
2012 Plan for service industry development
44
Introduction of Koreas knowledge sharing program
47
Economic News Briefing
51
Statistical Appendices
53
The Green Book

Current Economic Trends
Overview
Employment continued an upward trajectory and major real economic indicators improved
affected by demand from the Lunar New Year holiday, but uncertainties over inflation,
including rising oil prices, lingered in the Korean economy.
Employment continued to rise in January, led by the service sector and with an increase in
regular workers, adding 536,000 jobs, while the employment rate and the unemployment
rate stayed in good shape at 57.4 percent and 3.5 percent, respectively.
Consumer price inflation declined to 3.1 percent in January from the previous months 3.4
percent, as a rise in core inflation slowed down from 3.2 percent to 2.5 percent. However,
inflation expectations stayed high although they slightly went down from 4.1 percent to 4.0
percent, and the prices of petroleum products continued to show strong growth, up from 7.0
percent to 7.4 percent.
Mining and manufacturing production rose 3.3 percent month-on-month in January backed
by an improvement in automobiles and machinery, while service output went up 1.1 percent
with growing wholesale & retail sales and financial & insurance services.
In January retail sales rose 0.8 percent from the previous month, as strong durable goods
sales offset the poor sales of non-durable and semi-durable goods.
Facilities investment jumped 16.1 percent month-on-month in January with both machinery
and transportation equipment investment rising, while construction investment dropped
12.6 percent as building construction and civil engineering works all went down.
Trade balance swung to a surplus of US$2.20 billion month-on-month in February from a
deficit of US$2.03 billion backed by recovering exports, which soared 22.7 percent year-onyear from a 7.0 percent fall, affected by an increase in work days.
The cyclical indicator of the coincident composite index fell 0.1 point from the previous
month in January as construction investment declined, while the cyclical indicator of the
leading composite index rose 0.3 points helped by rising construction orders.
In February, the financial market showed relative stability to the previous month with rising
expectations for the easing of the European debt crisis, improving US economic indicators
and growing inflow of foreign funds.
The gap in the housing sales prices between the Seoul metropolitan area and other areas
continued in February, while rent prices remained relatively stable.
There have been growing uncertainties from rising international oil prices in addition to
persisting external risks such as the ongoing European debt crisis and a possible slowdown
of the global economy.
The Korean government will closely monitor any changes in local and global economic
situations and subsequent outcomes, while reinforcing policy actions to help the economy
continue to recover and keep prices stable. In the meantime, it will focus on securing the
livelihoods of citizens through active job creation and stabilization of the prices of
necessities, and push on with economic restructuring and expansion of domestic demand.
Economic Bulletin
1. External economic situation

Despite growing expectations for a recovery of the US economy, the euro area remains in a
slump and the growth of emerging economies is slowing down to a certain extent.
There are risks from upcoming elections in major countries, the slowdown of growth due to
austerity measures, as well as crisis-hit countries large amount of debt that are scheduled
to mature in March and April.
However, concern over the eurozone financial woes has eased somewhat due to the
tentative approval of a second bailout for Greece and the second provision of long-term
loans by the European Central Bank.
Provision of long-term loans by ECB (bil. euros): 489.2 (Dec 2011), 529.5 (Feb 2012)
US
The US economy expanded 3.0 percent (annualized q-o-q, preliminary) in the fourth quarter
of 2011 as private consumption and inventories rose.
The ISM Manufacturing Index, which shows business sentiment, maintained its positive
momentum by staying above the base level of 50.
ISM manufacturing index (base=50)
51.6 (Sep 2011)
50.8 (Oct)
52.7 (Nov)
53.9 (Dec)
54.1 (Jan 2012)
52.4 (Feb)
The recovery of the job market picked up speed in Febuary 2012 as the unemployment rate
stayed at a three-year low of 8.3 percent and nonfarm payroll employment rose by 227,000.
Expectations for a recovery in the housing market grew somewhat as some indicators for the
market improved.
Housing starts (m-o-m, %)
10.4 (Sep 2011)
-2.8 (Oct)
11.8 (Nov)
-1.9 (Dec)
1.5 (Jan 2012)
However, growth in personal consumption expenditure has stalled despite the

strengthening of consumer confidence, and there is a possibility that the rise of gasoline
prices may have a negative effect on personal consumption.
Consumer Confidence
60.9 (Oct 2011)
64.1 (Nov)
69.9 (Dec)
75.0 (Jan 2012)
75.3 (Feb)
West Texas Intermediate ($/barrel)

86.3 (Aug 2011)
85.6 (Sep)
86.5 (Oct)
97.3 (Nov)
98.7 (Dec)
100.4 (Jan 2012)
98.0 (Feb)
(Percentage change from previous period)

20111
2010
20121
Nov
Dec
Jan
3.0
1.7
2.1
15.7
2.8
1.3
11.5
1.5
0.8
-0.3
0.4
0.0
Annual
Q4
Annual
Q1
Q2
Q3
Q4
3.0
2.3
1.7
0.4
1.3
1.8
- Personal consumption expenditure
2.0
3.6
2.2
2.1
0.7
- Corporate fixed investment
4.4
8.7
8.6
2.1
10.3
-4.3
2.5
-1.4
-2.4
4.2
5.3
0.8
4.1
1.2
0.2
Real GDP
- Housing construction investment

Industrial production
3.8
1.4
4.7
1.5
1.0
1.0
0.7
0.1
0.0
0.2
Existing home sales
-3.4
13.5
2.5
9.0
-5.2
-0.2
5.9
3.3
5.0
4.3
Unemployment rate3
9.6
9.6
9.0
8.9
9.1
9.1
8.7
8.6
8.5
8.3
Consumer prices
1.6
0.7
3.1
1.3
1.0
0.8
0.2
0.0
0.0
0.2
Personal consumption expenditure
1. Preliminary
March 2012
2. Annualized rate (%)
3. Seasonally adjusted
Source: US Department of Commerce
1-1
US GDP (q-o-q, annualized rate)

Source: US Department of Commerce
1-2
US non-farm payroll employment (m-o-m change)

Source: US Department of Labor
1-3
US federal funds rate and consumer prices

Source: US Federal Reserve Board & Department of Labor
Economic Bulletin
China
The pace of Chinas economic growth decelerated somewhat as the growth of industrial
production and exports fell, affected by the global economic slowdown.
However, the manufacturing Purchasing Managers Index (PMI) climbed for the third
month in a row and the robust growth of domestic demand, such as that of fixed asset
investment and retail sales, continued.
Manufacturing PMI (base=50)
50.9 (Aug 2011)
51.2 (Sep)
50.4 (Oct)
49.0 (Nov)
50.3 (Dec)
50.5 (Jan 2012)
51.0 (Feb)
(Percentage change from same period in previous year)

Annual
2010
Q3
Q4
Annual
Q1
Q2
Q3
Q4
Dec
20121
Jan
Real GDP
10.3
9.6
9.8
9.2
9.7
9.5
9.1
8.9
Industrial production2
15.7
13.5
13.3
13.7
14.9
13.9
13.8
13.8
12.8
Fixed asset investment (accumulated)
24.5
24.5
24.5
25.1
32.5
27.0
28.0
28.0
25.1
Retail sales2
18.4
18.4
18.8
17.1
16.3
17.2
17.3
17.5
18.1
Exports
31.3
32.2
24.9
20.3
26.4
22.0
20.5
14.3
13.4
-0.5
3.3
3.5
4.7
5.4
4.9
5.7
6.3
4.6
4.1
4.5
5.5
4.5
5.7
6.0
7.0
6.9
7.1
3.1
1.7
07
Consumer prices2
2
Producer prices
20111
1. Preliminary
2. Quarterly change: average of monthly change
Source: China National Bureau of Statistics
Japan
Japans export slump continued as the country posted its biggest trade deficit ever in
January with the strong yen and contracting export demand.
Trade balance (tril. yen)
-0.78 (Aug 2011)
0.29 (Sep)
-0.28 (Oct)
-0.69 (Nov)
-0.21 (Dec)
-1.48 (Jan 2012)
The countrys GDP shrank 0.9 percent in 2011 as the growth rate turned negative in the
fourth quarter.
Q1
20111
Q2
Q3
Q4
20121
Jan
-1.8
-0.4
1.7
-0.6
-3.5
-2.0
-4.0
4.3
-0.4
2.0
-1.2
-3.0
-1.7
-1.0
0.8
1.9
10.8
-1.9
3.5
-7.8
1.5
-4.4
0.1
-0.3
-0.5
-0.4
0.1
-0.3
0.1
Annual
2010
Q3
Q4
Annual
4.4
0.6
-0.1
-0.9
16.4
-1.0
-0.1
2.5
3.2
-0.4
Exports (y-o-y)
25.7
18.8
Consumer prices (y-o-y)
-0.7
-0.8
Real GDP
Retail sales (y-o-y)
1. Preliminary
Sources: Japan's Statistics Bureau and Statistics Centre, Ministry of Economy, Trade and Industry, Ministry of Finance
Eurozone
The eurozones real economy remained sluggish as industrial production and retail sales
continued to fall.
The European Commission revised downward its outlook for the eurozones 2012 economic
growth from 0.5 percent to -0.3 percent on February 23.
Annual
2010
Q3
Q4
Annual
Q1
Q2
20111
Q3
Real GDP
1.8
0.4
0.3
1.5
0.8
0.2
0.1
7.4
1.0
1.8
0.9
0.2
0.6
-0.1
-1.1
Retail sales
0.8
0.2
0.3
-0.6
-0.2
-0.4
-0.1
-0.7
-0.4
-0.4
-0.3
20.1
22.8
21.8
21.5
13.0
9.4
10.2
1.6
1.7
2.0
2.7
2.5
2.8
2.7
2.9
3.0
2.7
2.6
Exports (y-o-y)
Consumer prices (y-o-y)
1. Preliminary
March 2012
Source: Eurostat
Q4
Nov
Dec
20121
Jan
-1.3
1-4
Chinas GDP and fixed asset investment

Source: National Bureau of Statistics of China
1-5
Japans GDP growth

Source: Cabinet Office & Ministry of Economy, Trade and Industry, Japan
1-6
Eurozone GDP growth and industrial production

Source: Eurostat
Economic Bulletin
2. Private consumption
Private consumption (advanced estimates of GDP) dipped 0.4 percent quarter-on-quarter
but climbed 1.2 percent year-on-year in the fourth quarter of 2011.
2010
Private consumption1
y-o-y
2011
Annual
Q1
Q2
Q3
Q4
Annual
Q1
Q2
Q3
Q41
4.1
0.5
0.7
1.4
0.3
2.0
0.4
0.9
0.4
-0.4
6.6
3.5
3.6
2.9
2.8
3.0
2.0
-1.2
1. Preliminary
2. National accounts
Source: The Bank of Korea
Retail sales increased 0.8 percent month-on-month and 0.9 percent year-on-year in January
2012 backed by strong sales of durable goods, particularly communications equipment,
while sales of semi-durable and non-durable goods declined.
Regarding the durable goods sales, those of computers and communications equipment
continued to gain ground, while automobile sales climbed for the first time in four months.
Sales of computers and communications equipment (y-o-y, %)
12.5 (Sep 2011)
23.1 (Oct)
35.0 (Nov)
17.6 (Dec)
24.0 (Jan 2012)

2010
Consumer goods sales

y-o-y
- Durable goods
Automobiles
- Semi-durable goods
- Non-durable goods
2011
2012
Annual
Q4
Annual 1
Q1
Q2
Q3
Q41
Nov
Dec1
Jan1
6.7
1.4
4.3
1.5
0.1
1.6
-1.3
-0.3
-0.6
0.8
5.2
5.4
5.7
4.7
1.9
1.2
2.0
0.9
14.8
5.0
10.8
4.3
-0.5
1.8
-2.4
3.4
-6.0
10.6
11.1
4.6
5.9
5.9
-4.9
3.6
-11.3
-4.0
-2.5
8.8
6.8
1.5
4.2
0.8
0.7
1.2
-0.3
-3.3
4.7
-3.5
2.2
-0.8
1.1
0.2
0.0
2.1
-0.5
-1.5
0.8
-2.4
1. Preliminary
2. Durable goods: Automobiles, electronic appliances, furniture, telecommunications devices, etc.
3. Semi-durable goods: Clothing, footwear, etc.
4. Non-durable goods: Food, medicine, cosmetics, fuel, tobacco, etc.
Source: Statistics Korea
Sales at department stores and large discount stores fell month-on-month, but those at
specialized retailers and nonstore retailers rose.
20111
2010
- Department stores
- Large discounters
- Specialized retailers
- Nonstore retailers
Annual
Q4
Annual 1
Q1
Q2
Q3
Q41
Nov
Dec1
Jan1
8.8
3.9
8.1
2.2
0.5
1.2
-0.6
-1.9
3.6
-5.2
4.5
1.1
3.9
1.2
1.0
0.2
0.3
-2.2
1.7
-6.5
5.7
1.0
3.3
1.3
-0.5
2.1
-3.1
1.1
-1.5
2.3
15.6
4.0
8.6
1.4
1.2
2.8
0.6
1.3
1.0
1.9
1. Preliminary 2. Specialized retailers are defined as stores carrying a few (1 to 3) specialized items.
March 2012
2012
2-1
Private consumption
Source: The Bank of Korea (national accounts)
2-2
Consumer goods sales

Source: Statistics Korea (industrial activity trend)
2-3
Consumer goods sales by type

Economic Bulletin
Considering advanced indicators, retail sales are expected to be somewhat sluggish in

February.
Discount store sales slid 1.7 percent year-on-year and department store sales rose only 2.6
percent despite an increase in business days.
Gasoline sales grew 4.2 percent year-on-year from a spike in demand due to concern over
rising domestic gasoline prices.
Gasoline prices (won/liter)
1,973 (4th week of Jan)
1,990 (4th week of Feb)
1,978 (1st week of Feb)

2,004 (5th week of Feb)
1,979 (2nd week of Feb)
1,983 (3rd week of Feb)
Automobile sales climbed year-on-year with an increase in business days, but daily average
sales declined.
Credit card use (y-o-y, %)
19.7 (Sep 2011)
17.6 (Oct)
14.5 (Nov)
18.4 (Dec)
11.2 (Jan 2012)
24.9 (Feb)
Disconut store sales (y-o-y, %)

-1.1 (Sep 2011)
5.5 (Oct)
-0.5 (Nov)
3.7 (Dec)
2.7 (Jan 2012)
-1.7 (Feb)
11.0 (Dec)
-4.1 (Jan 2012)
2.6 (Feb)
Department store sales (y-o-y, %)

6.5 (Sep 2011)
3.1 (Oct)
-0.5 (Nov)
Domestic sales of gasoline (y-o-y, %)

1.0 (Sep 2011)
-1.6 (Oct)
0.8 (Nov)
4.1 (Dec)
7.6 (Jan 2012)
4.2 (Feb)
Domestic sales of cars (y-o-y, %)

3.8 (Sep 2011)
-8.8 (Oct)
-12.6 (Nov)
-5.4 (Dec)
-19.9 (Jan 2012)
5.5 (Feb)
Sources: Ministry of Knowledge Economy

Korea National Oil Corporation
Korea Customs Service
Korea Automobile Manufacturers Association
Ministry of Strategy and Finance (for February data)
Domestic and external uncertainties are forecast to limit consumption although factors
affecting consumption are improving in line with the slowdown of inflation and steady
recovery of employment.
Employment (y-o-y, thousand)
490 (Aug 2011)
264 (Sep)
501 (Oct)
479 (Nov)
441 (Dec)
536 (Jan 2012)
Consumer prices (y-o-y, %)

4.7 (Aug 2011)
3.8 (Sep)
3.6 (Oct)
4.2 (Nov)
4.2 (Dec)
3.4 (Jan 2012)
3.1 (Feb)
Although the consumer sentiment index has slightly improved, reaching the base level,
consumer confidence has been recovering at a slow pace, with the economic cycle-related
sentiment index staying far below the base level.
Consumer sentiment index (CSI, base=100)
102 (Jul 2011)
99 (Aug)
99 (Sep)
100 (Oct)
103 (Nov)
99 (Dec)
98 (Jan 2012)
100 (Feb)
Sentiment index for economic outlook (base=100)

88 (Jul 2011)
77 (Aug)
78 (Sep)
78 (Oct)
86 (Nov)
78 (Dec)
76 (Jan 2012)
80 (Feb)
There is a possibility that consumption, particularly that related to automobiles and vehicle
fuel, will shrink if gasoline prices continue to climb.
10
March 2012
2-4
Department store and discount store sales (current value)

Source: Ministry of Knowledge Economy (monthly retail sales)
2-5
Domestic automobile sales

Source: Korea Automobile Manufacturers Association (monthly automobile industry trend)
2-6
Consumer sentiment index

Economic Bulletin
11
3. Facility investment
Facility investment (advanced estimates of GDP) in the fourth quarter of 2011 fell 5.2 percent
quarter-on-quarter and 3.4 percent year-on-year.
(Percentage change from previous quarter)
2009
Facility investment2
20111
Annual
Annual
Q3
Q4
Annual
Q1
Q2
Q3
Q4
-9.8
25.0
5.6
-1.0
3.8
-1.1
3.9
-0.8
-5.2
26.6
15.9
11.7
7.5
1.0
-3.4
-13.5
30.8
8.5
-2.2
-1.1
3.9
-1.5
2.8
6.7
-5.0
4.2
-1.2
4.2
1.8
y-o-y
- Machinery
2010
- Transportation equipment
1. Preliminary
Facility investment in January 2012 rose 16.1 percent month-on-month and 7.8 percent yearon-year thanks to an increase in both machinery and transportation equipment investment.
Facility investment may improve as semiconductor investment is expected to increase to
US$19.0 billion (preliminary) in 2012 from US$12.53 billion a year ago according to the Korea
Semiconductor Industry Association. However, decreasing leading indicators are likely to
limit the gain as internal and external uncertainties hamper the recovery of corporate
investment sentiment.
2009
2010
Annual
Annual
Annual1
Q1
Q2
Q3
Q41
Nov
Dec1
Jan1
-9.5
24.2
0.7
-1.9
3.6
-1.5
-5.1
8.9
0.7
16.1
Facility investment
y-o-y
2011
2012
5.4
5.7
-3.1
-4.8
-2.8
-1.1
7.8
-12.7
29.4
1.7
-3.5
6.0
-2.2
-3.2
5.6
5.8
15.8
4.7
4.5
-4.1
6.1
-7.2
1.6
-12.9
27.5
-22.6
12.3
2009
2010
Annual
Annual
Annual
-10.4
8.3
- Public
62.4
- Private
- Machinery
- Transportation equipment
1. Preliminary
Domestic machinery orders
2012
Q1
Q2
11.0
19.5
10.0
3.4
11.5
33.9
-9.6
-2.6
9.2
-0.3
-5.4
8.8
20.8
-17.0
-0.5
-37.7
11.2
-10.5
81.1
6.1
-3.1
333.3
-72.8
1.8
-18.4
18.3
11.0
22.7
4.9
3.2
14.7
13.7
24.3
-2.9
q-o-q, m-o-m
Machinery imports
2011
1
Q3
Q4
Nov
Dec
Jan1
-16.6
40.4
7.1
8.1
10.6
9.3
1.0
8.8
1.4
14.4
Manufacturing operation ratio
-3.5
8.4
-1.2
2.0
-1.5
-1.3
-3.3
-2.8
-4.4
-8.8
Facility investment adjustment

pressure2
-3.7
8.9
1.6
3.6
1.1
1.0
0.8
1.5
-1.1
-5.7
1. Preliminary 2. Production growth rate minus production capacity growth rate in the manufacturing sector (%p)
Sources: Statistics Korea, Korea International Trade Association (machinery imports data)
2011
Business survey index (base=100) for

manufacturing facility investment
12
March 2012
2012
Nov
Dec
Jan
Feb
Mar
98
95
96
97
98
3-1
Facility investment by type

3-2
Machinery orders and estimated facility investment (3-month average)

3-3
Machinery imports
Source: Korea International Trade Association (KITA)
Economic Bulletin
13
4. Construction investment
Construction investment (advanced estimates of GDP) in the fourth quarter of 2011 dropped
0.3 percent quarter-on-quarter and 4.0 percent year-on-year.
2010 1
2009
20111
Annual
Annual
Q3
Q4
Annual
3.4
-1.4
-0.8
-1.0
-6.5
-6.7
-3.1
-2.9
-11.9
- Building construction
-2.3
-2.9
-0.3
0.2
-6.9
- Civil engineering works
11.6
0.5
-1.3
-2.5
-6.5
Construction investment
y-o-y
1. Preliminary
Q1
Q2
Q3
Q4
1.6
1.8
-0.3
-6.8
-4.6
-4.0
3.3
1.1
-0.5
2.7
The value of construction completion (constant) in January 2012 decreased 12.6 percent month-onmonth and 6.4 percent year-on-year, as both building construction and civil engineering works fell.
Value of construction completion(constant)
2009
2010
2011
Annual
Annual
Annual
1.6
-3.3
2012
1
Nov
Dec
Jan1
14.7
-12.6
Q1
Q2
Q3
-6.7
-3.8
2.0
-4.3
5.7
-6.7
Q4
-12.6
-6.6
-8.4
-0.5
-6.3
1.8
-6.4
-6.4
-7.0
-8.4
-4.7
1.0
-3.7
5.0
-7.5
11.3
-9.0
16.1
2.2
-4.5
-2.5
3.1
-5.1
6.7
-5.7
19.0
-16.8
y-o-y
1. Preliminary
Construction orders (current value)

q-o-q, m-o-m
Building permit area
1. Preliminary
2009
2010
Annual
Annual
Annual1
Q1
Q2
2011
Q3
Q41
Nov
Dec1
Jan1
2012
5.0
-17.7
4.0
-11.8
-1.7
1.5
22.4
14.1
15.0
42.8
12.5
11.7
3.3
-1.9
-5.0
10.4
15.4
-14.2
-8.9
10.9
-7.7
-2.5
9.8
40.6
18.9
57.2
73.7
44.3
-28.3
-6.6
-17.2
0.1
-11.0
-1.1
4.6
-19.1
0.6
-12.9
19.3
9.9
21.5
3.8
58.7
-14.8
-20.8
-32.9
74.2
Sources: Statistics Korea, Ministry of Land, Transport and Maritime Affairs
Construction investment is likely to continue to suffer for a while due to a slowdown in

housing market recovery and contracting business sentiment of construction industries.
2011
Business survey index (base=100)

for business performance by construction companies
2012
Nov
Dec
Jan
Feb
Mar
69.0
70.3
64.0
64.4
73.7
Source: Construction and Economy Research Institute of Korea
Yet, there are positive signs in some leading indicators, such as the rise in construction
starts and construction orders.
(y-o-y, %)
2011
Housing construction permits
2012
Sep
Oct
Nov
Dec
Jan
83.3
88.4
75.3
42.2
59.0
2011
Unsold houses
14
March 2012
2012
Jul
Aug
Sep
Oct
Nov
Dec
Jan
70,000
69,000
68,000
66,000
67,000
70,000
68,000
4-1
Construction investment
4-2
Construction completed and housing construction

Source: Statistics Korea (construction completed)
Kookmin Bank (housing construction)
4-3
Leading indicators of construction investment

Source: Statistics Korea (construction orders)
Ministry of Land, Transport and Maritime Affairs (building construction permit area)
Economic Bulletin
15
5. Exports and imports

Exports (preliminary) in February 2012 increased 22.7 percent year-on-year to US$47.18 billion.
Exports rose year-on-year in February, due to more work days compared to a year earlier as
a result of the Lunar New Year holiday which fell in January this year. The strong outbound
shipments of major export items and a recovery from a fall after the year-ends soaring
exports also contributed to the robust exports.
By business category, exports of automobiles (up 60.2%), petroleum products (up 41.9%),
and steel (up 44.4%) grew year-on-year, while those of mobile phones (down 32.6%)
declined.
By regional category, exports to the EU (up 23.6%), the US (up 46.9%), and China (up
10.3%) swung positive year-on-year, while those to Japan (up 31.6%) and the ASEAN (up
23.7%) also increased.
(US$ billion)
2010
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Dec
Jan
Feb1
466.38
555.21
130.98
142.69
141.24
140.37
47.74
41.35
47.18
(y-o-y, %)
28.3
19.0
29.6
18.7
21.4
9.0
8.2
-7.0
22.7
Average daily exports
1.70
2.01
1.98
2.08
2.03
1.98
1.95
1.88
2.05
425.21
524.41
123.91
134.29
134.92
131.26
45.49
43.38
44.99
(y-o-y, %)
31.6
23.3
26.1
27.2
27.7
13.4
13.6
3.3
23.6
Average daily imports
1.46
1.91
1.87
1.96
1.96
1.85
1.86
1.97
1.96
Exports
Imports
1. Preliminary
Source: Korea Customs Service
Imports (preliminary) in February increased 23.6 percent year-on-year to US$44.99 billion.

The imports of commodities (up 25.2%) went up with a rise in international oil prices, while
those of capital goods (up 22.8%) increased due to growing demand for semiconductor
manufacturing equipment replacements.
The trade balance (preliminary) in February posted a surplus of US$2.20 billion.
(US$ billion)
2010
Trade balance
Source: Korea Customs Service
16
March 2012
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Dec
Jan
Feb1
41.17
30.80
7.08
8.40
6.30
9.16
2.26
-2.03
2.20
5-1
Exports (customs clearance basis)

Source: Korea Customs Service & Ministry of Knowledge Economy (export and import trend)
5-2
Imports (customs clearance basis)

5-3
Trade balance
Economic Bulletin
17
6. Mining and manufacturing production

Mining and manufacturing production in January 2012 rose 3.3 percent month-on-month
helped by an improvement in machinery & equipment and automobiles, while going down
2.0 percent year-on-year.
By business category, machinery and equipment (up 9.6%) and automobiles (up 5.3%)
increased month-on-month, while groceries (down 2.7%) and clothing and fur (down 4.8%)
went down.
The manufacturing inventory-shipment ratio decreased month-on-month by 6.7 percentage
points, as the inventory lost 2.7 percent and the shipments gained 3.4 percent.
By business category, the shipments of machinery & equipment (up 11.3%) and automobiles
(up 6.7%) increased month-on-month, while those of electric equipment (down 2.3%) and
computers (down 5.8%) declined. The inventories of audio-visual communications
equipment (up 15.3%) and groceries (up 3.9%) climbed month-on-month, while those of
semiconductors & parts (down 4.9%) and machinery & equipment (down 11.7%) fell.
The average operation ratio of the manufacturing sector improved 3.6 percentage points to
80.6 percent.
2010
Annual
Production (q-o-q, m-o-m)
Mining and
manufacturing
activity2
2011
1
Annual
Q3
Q4
2012
Jan
Nov
Dec
Jan1
0.4
-0.1
2.1
-0.2
-0.7
3.3
(y-o-y)
16.3
6.8
5.3
5.0
13.4
5.7
2.8
-2.0
- Manufacturing
16.8
7.0
5.3
5.3
13.6
6.3
2.9
-1.9
ICT
25.2
10.0
4.5
12.4
16.5
13.4
6.7
4.4
Automobiles
23.2
13.8
16.0
12.6
23.5
14.1
11.5
-6.9
Shipment
14.3
6.5
4.9
3.3
14.4
3.0
2.4
-2.4
- Domestic demand
11.5
3.3
2.7
0.2
9.8
-0.9
0.7
-4.5
- Exports
18.1
10.8
7.7
7.3
20.8
8.0
4.6
0.3
17.3
20.6
9.9
20.6
12.1
18.0
20.6
20.9
80.9
80.0
79.6
78.1
83.6
78.4
77.0
80.6
7.9
5.4
4.3
4.5
7.2
4.8
4.0
3.8
Inventory
Manufacturing Average operation ratio (%)

activity
Production capacity
1. Preliminary
2. Including mining, manufacturing, electricity, and gas industry
3. Information and Communications Technology
4. End-period
Mining and manufacturing production is expected to continue to improve with recovering

exports of major items such as automobiles and semiconductors, but there is a possibility
that the index will decline due to seasonal factors.
Automobile exports (US$ billion)
3.71 (Sep 2011)
4.01 (Oct)
4.39 (Nov)
4.47 (Dec)
3.45 (Jan 2012)
4.45 (Feb)
4.28 (Dec)
3.77 (Jan 2012)
3.86 (Feb)
Semiconductor exports (US$ billion)

4.59 (Sep 2011)
18
March 2012
4.35 (Oct)
4.08 (Nov)
6-1
6-2
Average manufacturing operation ratio

6-3
Inventory
Economic Bulletin
19
7. Service sector activity

Despite sluggish real estate & renting, service activity in January 2012 rose 1.1 percent
month-on-month, helped by improved wholesale & retail sales and financial & insurance
services. On a year-on-year basis, service activity increased 0.9 percent.
Wholesale & retail sales rose 1.9 percent from the previous month as sales of durable goods
such as computer & telecommunications appliances and automobiles increased.
Financial & insurance services expanded 1.2 percent from the previous month as the
financial market stabilized affected by the US economic recovery and optimism over the
eurozone fiscal crisis.
As uncertainty caused by the North Korean leader Kim Jong-ils death eased, hotels &
restaurants held steady, ending the downward trend of the past six months.
Real estate & renting dropped 1.6 percent month-on-month and 12.6 percent year-on-year,
respectively, falling for 20 consecutive months.
Weight
Service activity index
100.0
2010
2011
2012
1
Nov
-0.2
-0.3
1.1
Annual
Q4
Annual
Q1
Q2
Q3
Q4
3.9
1.1
3.3
1.6
0.2
1.3
-0.5
Dec
Jan1
- Wholesale & retail sales
21.8
5.7
0.0
3.8
1.4
1.4
0.7
-0.7
0.2
-0.9
1.9
- Transportation services
9.0
11.9
2.2
3.9
2.6
-1.6
1.0
-1.0
-0.6
0.7
0.0
- Hotels & restaurants
7.7
1.2
-0.4
-0.5
-0.4
1.0
-0.3
-1.5
-0.4
-1.2
0.0
- Information & communications services
8.4
1.7
1.0
4.4
1.1
0.5
2.8
0.3
-1.3
0.9
2.9
- Financial & insurance services
15.3
4.6
3.0
7.3
3.0
0.1
2.7
0.2
0.0
-1.0
1.2
- Real estate & renting
6.3
-8.5
-1.9
-10.3
3.3
-2.2
-0.3
-6.5
-1.4
-2.5
-1.6
- Professional, scientific & technical services
4.8
-0.5
2.0
0.3
-1.5
2.0
1.0
1.4
1.0
3.3
-0.7
- Business services
2.9
7.5
0.8
4.3
0.8
0.9
0.2
0.4
-0.2
0.0
4.4
- Educational services
10.8
2.0
2.5
2.4
0.2
-0.9
1.7
0.4
0.5
0.3
1.5
- Healthcare & social welfare services
6.0
8.8
0.4
6.3
3.3
0.6
1.4
1.6
-0.3
-0.2
-0.7
- Entertainment, cultural & sports services
2.9
-0.4
0.1
2.3
1.1
0.0
0.7
0.1
0.4
-1.3
3.6
- Membership organizations
3.8
4.3
0.4
1.1
-0.3
1.1
-0.3
-2.2
-0.5
0.2
-0.8
- Sewerage & waste management
0.4
5.1
0.6
0.0
0.1
-0.5
0.2
3.1
-1.1
1.2
-2.5
1. Preliminary
Service activity in February 2012 is expected to improve, led by financial & insurance services
that have benefited from increased volume of stock trading amid stabilizing financial markets.
20
March 2012
es
usin ty m
ess ana
sup gem
port ent
serv &
ices
Edu
cati
ona
l se
rvic
es
Hea
lthc
are
&s
ocia
l we
Ente
serv lfare
rtai
ices
nme
nt, c
ultu
ral &
sp
Me
serv orts
& o mbersh
ices
ther ip o
pers rgan
ona izat
l se ions
rvic , re
es
pair
Sew
mat erage
eria
,
w
ls re aste
cove ma
ry & nage
rem men
edi t,
acti ation
vitie
s
Prof
& re
ntin
g
ess
iona
l
tech , scie
nica ntif
Bus
l se ic &
ines
rvic
s fa
es
c
i
b
li
rvic
ns
rant
ion
atio
e se
tate
ranc
l es
insu
stau
unic
& re
omm
els
ex
tail
rtat
& re
spo
ale
Tran
oles
&c
Rea
l&
tion
ncia
rma
Fina
Info
Hot
Wh
7-3
l ind
7-2
Tota
7-1
Service industry
Source: Statistics Korea (service industry activity trend)
Wholesale and retail sales
January 2012 service industry by business
Economic Bulletin
21
8. Employment
The number of workers on payroll in January 2012 increased by 536,000 from a year earlier
to 23,730,000 and the employment rate rose by 0.6 percentage points year-on-year to
57.4 percent.
By industry, services (up 543,000) led the upward trend. In addition, employment in
construction (up 86,000) improved.
By status of workers, the number of regular workers (up 465,000) continued to increase while
temporary workers (down 133,000) decreased. Among self-employed workers, those
engaging in wholesale & retail sales and hotels & restaurants continued to rise. However,
those engaging in the agricultural, forestry & fishery industry increased due to a low base
effect from January last year when the outbreak of foot-and-mouth disease caused the
reduction of employment.
2009
2010
Annual Annual
Number of employed (million)
Q2
2011
Q3
Q4
Annual Jan
Q1
Q2
2012
Q3
Q4
Dec
Jan
23.51 23.83 24.17 24.12 23.99 24.24 23.20 23.46 24.57 24.48 24.46 24.13 23.73
Employment rate (%)
58.6
58.7
59.6
59.3
58.9
59.1
56.8
57.4
59.9
59.5
59.4
58.5
57.4
(seasonally adjusted)
58.6
58.7
58.9
58.9
58.6
59.1
58.5
58.8
59.1
59.1
59.2
59.2
59.1
-72
323
433
369
358
415
331
423
402
363
474
441
536
500
Employment growth (y-o-y, thousand)
-34
405
518
414
393
440
435
451
399
414
497
466
-126
191
172
262
269
63
224
228
112
-12
-75
-85 -114
- Construction
-91
33
44
92
57
-2
15
-3
-41
-35
71
106
86
- Services
179
200
325
83
80
386
203
224
331
472
514
462
543
(Excluding agriculture, forestry & fishery)

- Manufacturing
- Agriculture, forestry & fishery
-38
-82
-85
-45
-35
-25 -104
-28
-51
-23
-25
36
- Wage workers
247
517
623
541
532
427
535
519
421
392
374
343
353
Regular workers
383
697
766
671
699
575
593
605
621
572
500
477
465
22
-34
42
-26 -114
-78
-13
-88 -137
-76
-10
-13
21
-70
-45
-11 -204
-96
-19
-29
100
98
183
1 -191 -115
-39
34
125
133
190
Temporary workers
Daily workers
-158 -146 -185 -104
- Non-wage workers
-319 -194 -189 -172 -174
Self-employed workers
-259 -118
-53
-91 -130 -146
-63 -104 -115 -122 -133
31
181
188
207
212
238
181
266
221
208
257
256
292
- Female
-103
142
245
163
146
177
150
157
181
155
216
184
244
- 15 to 29
-127
-43
-58
-44
-57
-35
-71
-49
-74
-1
-18
-37
-21
- 30 to 39
-173
-4
-13
21
17
-47
-29
-34
-13
-83
-56
-46
-48
- 40 to 49
-24
29
48
40
50
57
82
77
59
46
47
45
16
- 50 to 59
198
294
342
295
287
291
247
286
294
270
315
334
376
54
47
114
57
60
149
102
143
137
131
185
146
213
- Male
- 60 or more
22
March 2012
8-1
Number of employed and employment growth

Source: Statistics Korea (employment trend)
8-2
Share of employed by industry

8-3
Share of employed by status of workers

Economic Bulletin
23
The number of unemployed persons in December decreased by 65,000 year-on-year to 853,000

and the year-on-year unemployment rate dropped 0.3 percentage points to 3.5 percent.
The unemployment rate fell in most age brackets including the youth. The youth unemployment
rate fell 0.5 percentage points from the previous year, recording 8.0 percent.
2009
2010
Annual Annual
2011
Q2
Q3
Q4
Annual Jan
Q1
2012
Q2
Q3
Q4
Dec
Jan
865
786
740
754
853
Number of unemployed (thousand)
889
920
868
873
808
855
Unemployment growth (y-o-y, thousand)
119
31
-75
-13
-10
-65 -298
-101
-3
-88
-68
-99
-65
918 1,028
- Male
80
-7
-47
-48
-16
-48 -160
-70
-32
-48
-41
-59
-41
- Female
40
38
-29
35
-17 -139
-32
29
-40
-27
-40
-24
Unemployment rate (%)
3.6
3.7
3.5
3.5
3.3
3.4
3.8
4.2
3.4
3.1
2.9
3.0
3.5
(Seasonally adjusted)
3.6
3.7
3.5
3.6
3.4
3.4
3.6
3.9
3.4
3.2
3.1
3.1
3.2
- 15 to 29
8.1
8.0
7.7
7.6
7.1
7.6
8.5
8.8
7.9
6.7
7.1
7.7
8.0
- 30 to 39
3.6
3.5
3.6
3.5
3.2
3.4
3.6
4.0
3.5
3.2
2.9
2.8
2.8
- 40 to 49
2.4
2.5
2.3
2.5
2.2
2.1
2.2
2.5
2.1
2.0
1.9
1.9
2.3
- 50 to 59
2.5
2.5
2.1
2.3
2.3
2.1
2.5
2.7
2.0
2.1
1.8
1.8
2.0
- 60 or more
1.6
2.8
2.1
2.0
1.9
2.6
3.3
4.5
2.3
2.1
1.8
1.8
3.3
The economically inactive population in January 2012 was up 7,000 from a year earlier to
16,740,000. Meanwhile, the labor force participation rate rose 0.5 percentage points yearon-year to 59.5 percent.
The number of workers quitting jobs due to rest, time-off and leisure (up 143,000), old age
(up 48,000), childcare (up 18,000), and housework (up 6,000) increased while those who
quit jobs due to education (down 47,000) decreased.
2009
2011
2010
Annual Annual Q2
Q3
Q4
Annual Jan
Q1
Q2
2012
Q3
Dec
Q4
Jan
Economically inactive population (million) 15.70 15.84 15.49 15.66 15.96 15.95 16.73 16.39 15.56 15.85 16.01 16.39 16.74
Labor force participation rate (%)
60.6
61.0
61.8
61.5
60.8
61.1
59.0
59.9
62.0
61.5
61.1
60.3
59.5
(seasonally adjusted)
60.6
61.0
61.0
61.1
60.8
61.1
60.6
61.1
61.3
61.0
61.1
61.1
61.1
Growth in economically inactive

population (y-o-y, thousand)
447
143
146
128
133
112
424
138
66
191
53
129
40 -125 -126 -149 -107
-5
-66
-44
-16
17
23
19
18
- Childcare
- Housework
148
201
175
203
189
101
270
130
27
143
103
90
- Education
31
12
23
46
55
-51
51
-16
-39
-78
-69
-20
-47
- Old age
88
80
59
43
25
-45
-76 -103
-58
-22
11
48
123
-56
-27
15
-27
182
337
163
193
131
182
143
- Rest, time-off and leisure

24
March 2012
241
8-4
Employment rate
8-5
Unemployment rate
8-6
Economically active population

Economic Bulletin
25
9. Financial market
9.1 Stock market
The Korean stock price index in February 2012 rose 3.8 percent month-on-month to 2,030
points from the previous months 1,956 points. The stock market was boosted by the
agreement on the second bailout for Greece, improved economic indicators of the US and
foreign investors net-buying of Korean shares.
Foreign investors maintained the net-buying position, although at a moderate pace of 4.3
trillion won compared to the previous months 6.2 trillion won.
(End-period, point, trillion won)
KOSPI
KOSDAQ
Jan 2012
Feb 2012
Change
Jan 2012
Stock price index
1,955.8
2,030.3
+74.5 (+3.8%)
514.0
542.3
+28.3 (+5.5%)
Market capitalization
1,117.2
1,163.4
+46.2 (+4.1%)
109.4
115.8
+6.4 (+5.9%)
Average daily trade value
5.4
6.8
+1.4 (+25.9%)
2.80
2.99
+0.19 (+6.8%)
Foreign stock ownership
33.2
33.2
0.0 (-)
7.93
7.82
-0.11 (-1.4%)
Feb 2012
Change1
1. Change from the end of the previous month
9.2 Exchange rate

The won/dollar exchange rate in February 2012 decreased 4.6 won to wrap up the month at
1,118.7 won from 1,123.3 won at the end of January 2012.
The won/dollar exchange rate in February continued to fluctuate between 1,110 and 1,120
won due to uncertainties about the second bailout package for Greece.
The won/100 yen exchange rate fell 104.9 won due to Japans record trade deficit in January
and the Bank of Japans decision on February 14 to increase its asset purchase fund by 10
trillion yen.
(End-period)
2008
2009
2010
2011
Dec
Dec
Dec
Dec
Jan
2012
Feb
Change1
Won/Dollar
1,259.5
1,164.5
1,134.8
1,151.8
1,123.3
1,118.7
3.0
Won/100 Yen
1,396.8
1,264.5
1,393.6
1,481.2
1,474.5
1,369.6
6.3
1. Appreciation from the end of the previous year (%); the exchange rate is based on the closing price at 3:00 p.m., local time.
26
March 2012
9-1
Stock prices
9-2
Foreign exchange rate (month-end)
9-3
Recent foreign exchange rate
Economic Bulletin
27
9.3 Bond market

The 5-year Treasury bond yields rose 6 basis points in February 2012 to 3.55 percent from
the previous months 3.49 percent. Yields on the Korea Treasury Bond (KTB), in parkicular
long-term bonds, increased as a flight to safety eased, affected by some signs of
improvement in the eurozone fiscal crisis.
(End-period)
Call rate (1 day)
2006
2007
2008
2009
2010
2011
2012
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Feb
Change1
4.60
5.02
3.02
2.01
2.51
3.29
3.27
3.26
-1
CD (91 days)
4.86
5.82
3.93
2.88
2.80
3.55
3.54
3.54
Treasury bonds (3 yrs)
4.92
5.74
3.41
4.44
3.38
3.34
3.38
3.45
+7
Corporate bonds (3 yrs)
5.29
6.77
7.72
5.56
4.27
4.21
4.24
4.26
+2
Treasury bonds (5 yrs)
5.00
5.78
3.77
4.98
4.08
3.46
3.49
3.55
+6
1. Basis point, changes in February 2012 from the previous month
9.4 Money supply & money market

The M2 (monthly average) in December 2011 expanded 4.4 percent from a year earlier
excluding cash management accounts (CMAs), which were included in M2 since July 2009.
The M2 growth maintained a 4.4 percent rise following the previous month as money supply
from the private sector credit and the government sector increased at a similar pace year-on
year and money supply from the overseas sector slightly increased.
(Percentage change from same period in previous year, average)
M1
M2
Lf
2008
2009
Annual
Annual
2010
Annual
Q1
Q2
2011
Q3
Q4
Sep
Oct
Nov
Dec
Dec1
423.64
-1.8
16.3
11.8
14.5
10.7
10.8
11.2
5.1
4.1
2.0
1.6
14.3
10.3
8.7
9.4
9.5
8.6
7.4
4.2
4.4
4.4
4.44
1,756.64
6.2
2,288.84
11.9
7.9
8.2
8.5
9.1
8.2
7.1
5.7
6.1
6.2
1. Balance at end December 2011, trillion won

2. M1 excluding corporate MMFs and individual MMFs while including CMAs
3. Liquidity aggregates of financial institutions (mostly identical with M3)
4. Preliminary
Bank deposits declined substantially as instant access account deposits plummeted due to
the deferred payments of taxes early this year and value-added tax payments in late
January 2012.
Asset management company (AMC) deposits shifted to a rise in January as deposits into
money market funds (MMFs) increased sharply with inflows of the corporate and Treasury
funds that had flown out at the end of 2011.
(Monthly change, end-period, trillion won)
2009
Annual
2010
2011
Annual
Jan
Annual
Jan
2012
Dec
Jan
Jan1
Bank deposits
54.8
36.9
15.7
58.9
2.1
-1.2
-10.8
1,088.0
AMC deposits
-27.6
-16.7
-5.1
-16.6
-5.2
-19.5
5.7
1,304.2
1. Balance at end January 2012, trillion won
28
March 2012
9-4
Interest rates
9-5
Total money supply

9-6
Share of deposits by financial sector (M3 as of year-end)

* Retail finance: Mutual savings banks & National Credit Union Federation of Korea, Others: Investment banks, post office savings, etc.
Economic Bulletin
29
10. Balance of payments

Koreas current account (preliminary) in January 2012 posted a deficit of US$770 million for
the first time in 23 months since February 2010.
Amid worsening external conditions affected by the eurozone fiscal crisis and rising oil
prices, the goods account turned to a deficit of US$1.42 billion from a surplus of US$3.70
billion as exports declined substantially due to seasonal factors such as fewer working
days affected by the Lunar New Year holidays and the end of year-end effect which boosted
the exports.
The service account deficit narrowed to US$130 million from the previous months US$210
million as the transportation services account significantly improved, offsetting the widened
travel account deficit triggered by increased overseas travel during the winter vacation.
The primary income account surplus expanded to US$1.19 billion from the previous months
US$490 million owing to improved investment income account affected by dividend earnings
and interest income. Meanwhile, the secondary income account deficit widened to US$410
million from the previous months US$180 million due to increased overseas remittance.
(US$ billion)
2010
2011
2012
Annual
Annual
Q1
Q2
Q3
Q4
Jan
Nov
Dec
Jan
Current account
29.39
26.51
2.61
5.49
7.00
11.52
0.15
4.56
2.81
-0.77
- Goods balance
40.08
30.95
5.84
7.66
7.20
10.25
1.56
4.00
2.70
-1.42
- Service balance
-8.63
-4.38
-2.54
-0.80
-1.20
0.15
-1.64
0.36
-0.21
-0.13
- Income balance
1.02
2.46
0.39
-0.82
1.31
1.58
0.70
0.45
0.49
1.19
Current transfers
-3.08
-2.52
1.08
-0.55
-0.42
-0.47
-0.47
-0.24
-0.18
-0.41
1. Preliminary
The capital and financial account (preliminary) in January 2012 shifted from a net outflow of
US$3.50 billion to a net inflow of US$1.22 billion.
Capital & financial account balance (US$ billion)
-6.81 (Q2 2011)
-8.32 (Q3)
-14.18 (Q4)
-3.50 (Dec)
1.22 (Jan1 2012)
1. Preliminary
The direct investment account accelerated the outflow to US$2.01 billion from the previous
months US$840 million as foreign direct investment shifted to a net ouflow.
The portfolio investment account turned to a net inflow of US$7.74 billion from the
previous months net outflow of US$2.41 billion, helped by a sharp increase in inflow of
foreign investors investment in equity securities and a shift of their investment in debt
securities to a net inflow.
The financial derivatives account reversed to a net inflow of US$430 million from the
previous months net outflow of US$160 million. Meanwhile, the other investment account
expanded the net outflow to US$2.28 billion from the previous months US$10 million due to
an increase in domestic banks lending.
The current account in February 2012 is expected to shift to a surplus, helped by a trade
account surplus and an improvement in the service account.
30
March 2012
10-1 Current account balance

Source: The Bank of Korea (balance of payments trend)
10-2 Travel balance

10-3 Capital & financial account balance

Economic Bulletin
31
11. Prices and international commodity prices

11.1 Prices
The annual growth rate of consumer prices slowed in February 2012 to 3.1 percent from the
previous months 3.4 percent. On a monthly basis, consumer prices rose 0.4 percent. The
prices of livestock products and public service charges were stable, but the prices of
petroleum products showed strong growth as international oil prices rose, and those of
agricultural products also increased.
Core consumer prices, which exclude oil and agricultural products, rose 2.5 percent year-onyear and 0.1 percent month-on-month. Core consumer prices based on the OECD method
which excludes food and energy, rose 2.6 percent year-on-year and 0.5 percent month-onmonth. Consumer prices for basic necessities, a barometer of perceived consumer prices,
were up 2.8 percent compared to the same month of the previous year.
Expected inflation remained in the 4 percent range, while the upward trend of import prices
accelerated.
Expected inflation (%)
4.3 (Sep 2011)
4.2 (Oct)
4.1 (Nov)
4.0 (Dec)
4.1 (Jan 2012)
4.0 (Feb)
Import price increases (y-o-y, %, won base)

11.8 (Nov 2011)
7.1 (Dec)
7.9 (Jan 2012)
Consumer price inflation
(%)
2011
2012
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Month-on-Month
0.7
0.4
0.0
0.0
0.2
0.5
0.7 -0.1 -0.2 0.1
0.4
0.5
0.4
Year-on-Year
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
3.4
3.1
Consumer prices excluding oil and agricultural

products (y-o-y)
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
3.2
2.5
Consumer prices excluding food and energy (y-o-y) 2.1
2.4
2.5
2.7
2.8
2.8
2.8
2.6
2.6
2.8
2.7
2.5
2.6
Consumer prices for basic necessities (y-o-y)
4.7
4.1
4.0
4.5
4.9
5.2
3.8
3.6
4.5
4.4
3.3
2.8
4.6
Among the agricultural, livestock & fishery products, the prices of vegetables, fruits and
fresh flowers rose, while those of pork and beef declined.
Prices of agricultural, livestock & fishery products in February (m-o-m, %)
Tangerines (36.3), green chili (25.5), flowers (27.6), Chinese cabbages (24.8), spring onions (24.7), spinaches
(17.8), persimmons (12.4), pork (-14.9), Korean beef (-3.1), eggs (-5.0)
Petroleum product prices rose considerably due to higher international oil prices, while the
prices of publications increased as the beginning of the school year led a surge in demand.
Rents continued to rise in February. Dining out costs remained stable, but other personal
service prices increased, including private education expenses.
Consumer price inflation in major sectors

Total
Month-on-Month (%)
Agricultural,
Oil
livestock & fishery Manufactured
products products
products
Public
utilities
Housing
rents
Public
utility
Personal
services
0.4
-0.2
0.8
2.3
0.3
0.3
0.1
0.4
Contribution (%p)
0.38
-0.01
0.27
0.13
0.01
0.03
0.01
0.12
Year-on-Year (%)
3.1
0.3
4.7
7.9
5.8
5.0
-0.6
3.0
Contribution (%p)
3.11
0.02
1.48
0.45
0.28
0.45
-0.08
0.97
32
March 2012
11-1 Prices
Source: Statistics Korea (consumer prices, core inflation) & The Bank of Korea (producer prices)
11-2 Consumer price inflation

Source: Statistics Korea (consumer price trend)
11-3 Contribution to consumer price inflation

Source: Statistics Korea (consumer price trend)
Economic Bulletin
33
11.2. International oil and commodity prices

The prices of international oil and domestic oil products rose in February 2012.
International oil prices continued to rise amid concerns over supply disruptions caused by
tensions arising from Irans nuclear program and the unrest in certain oil producing nations.
Following EUs decision to ban oil imports from Iran, Iran announced on February 19 its
decision to stop exporting crude oil to the UK and France. Meanwhile, improving economic
situations in the US also contributed to oil price increases.
Crude oil production in 2010 (barrels/day)
Sudan (510,000), Syria (400,000), Yemen (257,000)
(US$/barrel, period average)
2009
2010
2011
2012
Annual
Annual
Annual
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Dubai crude
61.9
78.1
106.0
105.0
105.7
103.5
107.9
105.5
109.5
116.2
Brent crude
61.7
79.7
111.1
110.0
111.5
109.1
110.5
107.7
111.0
119.3
WTI crude
61.9
79.5
95.1
86.3
85.6
86.5
97.3
98.7
100.4
97.41
Source: Korea National Oil Corporation
Domestic oil product prices continued to rise as a result of increases in international oil and
oil product prices, and also due to seasonal demand for heating fuel.
(Won/liter, period average)
2009
2010
Annual
Annual
Annual
Aug
Sep
2011
Oct
Nov
Dec
Jan
2012
Feb
Gasoline prices
1,601
1,710
1,929
1,946
1,945
1,978
1,981
1,943
1,955
1,967
Diesel prices
1,397
1,503
1,746
1,758
1,746
1,772
1,788
1,792
1,805
1,829
In February, non-ferrous metal prices showed a mixed trend, while international grain prices
rose with the exception of wheat.
Despite upbeat economic data from major economies, the upward trend of non-ferrous
metal prices slowed since the beginning of the month due to concerns over a fall in demand
from China.
Prices of non-ferrous metals in February 2012 (m-o-m, %)
Aluminum (4.0), copper (2.2), tin (-3.0), nickel (-7.7)
Soybean and corn prices increased on concerns that the drought in Argentina would lead to
poor harvest and that China would expand grain imports. However, prices of wheat slightly
declined after Russia lifted restrictions on grain exports.
Prices of grain in February 2012 (m-o-m, %)
Soybeans (9.5), raw sugar (8.5), corn (2.7), wheat (-0.3)
Reuters index*
(Period average)
2009
2010
Annual
Annual
Annual
Aug
Sep
2011
Oct
Nov
Dec
Jan
Feb
2,079
2,553
3,062
3,038
2,978
2,781
2,770
2,732
2,832
2,935
* A weighted average index of 17 major commodities

Source: KOREA PDS
34
March 2012
2012
11-4 International oil prices

11-5 International oil prices (Dubai crude) and import prices

Source: Korea National Oil Corporation & Korea Customs Service
11-6 International commodity prices

Source: Bloomberg (CRB) & The Bank of Korea (Reuters index)
* CRB demonstrates futures price index of 21 commodities listed on the US Commodity Transaction Market, including beans and other crops, crude oil and jewelry.
Economic Bulletin
35
12. Real estate market

12.1 Housing market
Nationwide apartment sales prices in February 2012 rose 0.2 percent from the previous
month.
Apartment sales prices in the Seoul metropolitan area declined for the fourth consecutive
month (down 0.2%, m-o-m).
Increases in apartments sales prices slightly accelerated in areas excluding the Seoul
metropolitan area, in particular Ulsan (up 1.4%, m-o-m), Daegu (up 0.7%, m-o-m) and South
Jeolla Province (up 0.8%, m-o-m). Apartment prices in 5 metropolitan cities and other cities
climbed 0.5 percent each, surpassing the national average.
Nationwide apartment sales prices
2008 2009 2010
2011
Annual Annual Annual Annual
Q1
Q2
2012
Oct
Nov
Dec
Jan
Feb
Feb 61 Feb 131 Feb 201 Feb 271
Nationwide
2.3
1.6
2.5
9.6
3.1
2.9
0.5
0.6
0.2
0.2
0.2
0.06
0.06
Seoul
3.2
2.6
-2.2
-0.4
0.6
-0.2
-0.1
-0.2
-0.2
-0.2
-0.1
-0.04
-0.05 -0.05 -0.05
Gangnam2
-1.9
3.9
-1.8
-0.6
0.8
-0.3
-0.2
-0.3
-0.2
-0.2
-0.2
-0.05
-0.06 -0.07 -0.07
Gangbuk3
9.4
0.9
-2.7
-0.2
0.4
-0.1
0.0
-0.1
-0.1
-0.1
-0.1
-0.02
-0.05 -0.04 -0.03
Seoul metropolitan area
2.9
0.7
-2.9
0.4
0.8
0.0
0.0
-0.1
-0.1
-0.2
-0.1
-0.03
-0.04 -0.04 -0.05
5 metropolitan cities
1.0
2.8
8.7
20.3
5.6
6.3
1.0
1.2
0.5
0.5
0.5
0.16
0.19
1. Weekly trends
2. Upscale area of Southern Seoul
3. Northern Seoul
0.05
0.15
0.06
0.17
Source: Kookmin Bank
Nationwide apartment rental prices increased at a faster pace in February, rising 0.4 percent
month-on-month. The rental prices swung upward in Seoul (up 0.2%, m-o-m) and Gyeonggi
Province (up 0.3%, m-o-m).
Apartment rental price increase in major districts in Seoul (m-o-m, %)
Gangnam (-0.4), Mapo (0.7), Songpa (0.1), Gangdong (1.2)
Nationwide apartment rental prices
2008 2009 2010
2011
Annual Annual Annual Annual
Nationwide
0.8
Seoul
Gangnam2
Gangbuk
Seoul metropolitan area

5 metropolitan cities
1. Weekly trends
2012
Q1
Q2
Oct
Nov
Dec
Jan
Feb
Feb 61 Feb 131 Feb 201 Feb 271
4.5
8.8 16.2
5.5
3.6
1.1
0.7
0.1
0.3
0.4
0.15
0.15
0.13
0.15
-1.8
8.1
7.4 13.4
5.1
1.5
1.0
0.3
-0.2
-0.1
0.2
0.08
0.07
0.08
0.06
-3.6
10.4
8.8 12.5
4.6
1.5
0.9
0.1
-0.2
0.0
0.2
0.07
0.05
0.07
0.04
0.5
5.4
5.6 14.6
5.7
1.4
1.2
0.5
-0.1
-0.1
0.2
0.08
0.09
0.10
0.09
-0.4
5.6
7.2 13.9
5.6
2.2
1.1
0.2
-0.3
-0.1
0.3
0.10
0.07
0.09
0.10
1.6
3.9
12.0 18.9
5.8
5.5
1.1
1.3
0.3
0.5
0.7
0.22
0.26
0.16
0.18
2. Upscale area of Southern Seoul
3. Northern Seoul
Source: Kookmin Bank
With the expiration of the temporary cut of the real estate acquisition tax, apartment sales
transactions in January 2012 decreased 76.2 percent from the previous months 63,857 to
15,181. The transactions were down 66.5 percent from 45,345 a year earlier.
Apartment sales transactions
(Monthly average, thousand)
2007 2008 2009 2010
2011
Annual Annual Annual Annual Jan

Nationwide
38
39
44
40
Source: Ministry of Land, Transport and Maritime Affairs
36
March 2012
45
Feb Mar Apr May Jun
Jul
52
43
59
56
48
47
2012
Aug Sep
44
43
Oct
48
Nov Dec Jan

45
64
15
12-1 Real estate prices

Source: Kookmin Bank (national housing price trend)
12-2 Weekly apartment sales prices and monthly transaction volume

Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)
12-3 Apartment prices by region

Source: Kookmin Bank (national housing price trend)
Economic Bulletin
37
12.2 Land market

Nationwide land prices in January 2012 rose for the 15th consecutive month (up 0.1%, m-om), but were still 0.98 percent lower than the pre-crisis peak reached in October 2008.
Land prices in Seoul (up 0.03%), the Seoul metropolitan area (up 0.11%) and Incheon (up
0.04%) continued to rise, but at a slower pace.
Land price increases in Seoul metropolitan area (m-o-m, %)
0.10 (Aug 2011)
0.09 (Sep)
0.08 (Oct)
0.08 (Nov)
0.08 (Dec)
0.07 (Jan 2012)
Land prices in areas excluding the Seoul metropolitan area also slowed down the pace of
increase in January 2012, rising 0.12 percent month-on-month.
Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)
0.09 (Aug 2011)
0.11 (Sep)
0.12 (Oct)
0.13 (Nov)
0.13 (Dec)
Land prices by region
0.12 (Jan 2012)
2007 2008
2009
Annual Annual Annual Q4
2010
2011
Annual Q3
Q4
Annual Q1
May Jun
Jul
2012
Aug Sep
Oct Nov Dec Jan
Nationwide
3.88 -0.31 0.96 0.94 1.05 -0.05 0.11 1.17
0.29 0.10 0.10 0.10 0.09 0.09 0.10 0.10 0.10 0.09
Seoul
5.88 -1.00 1.40 0.81 0.53 -0.25 0.39 0.97
0.40 0.09 0.07 0.07 0.05 0.05 0.04 0.04 0.04 0.03
Gyeonggi
4.22 -0.26 1.22 1.36 1.49 -0.08 0.07 1.47
0.26 0.12 0.14 0.15 0.15 0.13 0.13 0.13 0.13 0.11
Incheon
4.86
0.17 0.06 0.06 0.05 0.06 0.05 0.05 0.05 0.05 0.04
1.37 1.99 1.70 1.43 -0.10 0.02 0.66
Source: Korea Land & Housing Corporation
Nationwide land transactions in January 2012 were 129,000 land lots, down 49.5 percent
from the previous month and down 32.3 percent from 191,000 a year earlier.
Monthly land transactions decreased significantly nationwide, particularly in Seoul (down
53.9%), Geonggi Province (down 49.8%), Daegu (down 64.8%), and Ulsan (down 60.8%).
The sharp decrease in land transactions is attributed to a contraction in the property market,
the expiration of the temporary tax cut for real estate acquisition that led to increased
transactions at the end of 2011, and changes in the method of data gathering which excludes
of real estate investment trusts from the total count.
Land sales transactions
(Land lot, thousand)
2007 2008 2009
2010
2011
2012
Annual1 Annual1 Annual1 Annual1 Nov Dec Annual1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Nationwide
Seoul
208 208 203 187 208 257 208 197 176 244 226 212 207 196 196 181 210 209 256 129
33
26
22
16
18
24
18
18
17
23
19
18
18
15
17
16
18
17
21
Gyeonggi
49
45
46
41
45
58
46
46
38
52
46
43
40
40
39
39
41
42
52
24
Incheon
13
13
10
11
13
11
13
10
11
11
1. Monthly average
Source: Korea Land & Housing Corporation
38
March 2012
12-4 Land and consumer prices since 1970s

Source: Korea Land Corporation (land prices) & Statistics Korea (consumer prices)
12-5 Land prices by region

Source: Korea Land Corporation (land price trend)
12-6 Land trade volume

Source: Korea Land Corporation (land trade trend)
Economic Bulletin
39
13. Industrial output and composite indices of business cycle

indicators
Industrial output in January 2012 increased 1.9 percent month-on-month and 0.1 percent
year-on-year. Output in public administration (up 15.3%, m-o-m), mining & manufacturing
(up 3.3%, m-o-m) and services (up 1.1%, m-o-m) rose, while construction output (down
12.6%, m-o-m) declined.
The cyclical indicator of the coincident composite index fell 0.1 point in January 2012.
Four components of the coincident composite index, such as domestic shipment, improved
from the previous month, while three, including the value of construction completion, fell.
Components of the coincident composite index in January 2012 (m-o-m)
Domestic shipment (1.1%), mining & manufacturing production (0.8%), service activity (0.2%), number of
non-farm payroll employment (0.1%), wholesale & retail sales (-0.1%), volume of imports (-0.1%), value of
construction completion (-2.2%)
The year-on-year leading composite index rose 0.3 percentage points from the previous month.
Four components of the leading composite index, including the value of construction orders
received, increased while four others, such as the indicator of inventory cycle, decreased from
the previous month. One component, the spreads between long & short term interest rates, was
unchanged.
Components of the leading composite index in January 2012 (m-o-m)
Value of construction orders received (6.7%), domestic shipment of machinery (4.2%), ratio of job openings
to job seekers (3.1%p), KOSPI (1.2%), spreads between long & short term interest rates (0.0%p), ratio of
export to import prices (-0.1%), international commodity prices (-0.2%), consumer expectations index (-1.0p),
indicator of inventory cycle (-3.3%p)
2011
2012
Jun
Jul
Aug
Sep
Oct1
Nov1
Dec1
Jan1
Industrial output (m-o-m, %)
1.2
-1.0
0.1
0.1
-0.1
-0.3
0.1
1.9
(y-o-y, %)
3.5
2.9
4.3
5.3
4.3
3.7
1.6
0.1
Coincident composite index (m-o-m, %)
0.7
0.6
0.5
0.0
0.3
0.0
0.4
0.3
100.6
100.8
100.9
100.4
100.3
99.8
99.8
99.7
(m-o-m, p)
0.2
0.2
0.1
-0.5
-0.1
-0.5
0.0
-0.1
Leading composite index (m-o-m, %)
0.7
0.5
0.1
0.0
0.1
0.2
0.4
0.7
100.1
100.2
99.8
99.4
99.2
99.0
99.0
99.3
0.3
0.1
-0.4
-0.4
-0.2
-0.2
0.0
0.3
Cyclical indicator of coincident composite index
Cyclical indicator of leading composite index

(m-o-m, p)
1. Preliminary
40
March 2012
13-1 Cyclical indicator of coincident composite index

13-2 Leading composite index

13-3 Coincident and leading composite indices

Economic Bulletin
41
Featured Issue
Korea as a Global Free Trade Hub
Bark, Taeho
Minister for Trade
Korea and the United States were on a very slippery slope, at least in terms of trade. In this
landscape, the free trade agreement between Korea and the United States (KORUS FTA),
which entered into force on March 15, could be a game-changer. For Korea, the KORUS FTA
means far more than just the reduction and elimination of tariffs. It means to establish Korea
as a global free trade hub, revitalizing the economy and creating jobs for young people.
The most immediate impact of the KORUS FTA is its tariff elimination effect on trade. With
the KORUS FTA in place, the share of trade between Korea and the United States will regain
the significance it once had. Historically, the United States had been Koreas biggest trading
partner, but it was overtaken by China in 2003. In 2010, the United States was only a modest
number four. And the Korean products share in the US market was also dwindled to 2%. In
terms of the trade intensity index, the bilateral trade between Korea and the United States
now stands at 0.8, which means Koreas trade performance in the U.S. comparatively lags
behind other countries. The KORUS FTA will eliminate 87% of tariffs on industrial goods
immediately, offering a significant opportunity to make a turn for the better.
The KORUS FTAs extensive trade liberalization for the service sector is a challenge but
an opportunity at the same time. It is true that the productivity of Koreas services
sector falls far behind developed countries, resulting in huge deficits since 2000.
However, investment by competitive service industries of the U.S. in the business
service areas such as finance, insurance, management consulting, and law would
contribute to enhancing the competitiveness of the Korean counterparts. In addition,
productivity in certain manufacturing sectors, which have close linkages with service
industries, would also be enhanced.
42
March 2012
The KORUS FTA, establishing Korea as a robust free trade hub linking Europe, America and
Asia, also improved conditions for inbound foreign investment, especially in high-tech
areas. Investments by the U.S. companies in South Korea will be targeting not only the
Korean market, but also those countries who have signed (or will sign) an FTA with Korea,
such as the EU and China. Increased foreign direct investments will revitalize the domestic
economy and create jobs, which will then lead to providing more opportunities for our
young generations.
The agricultural sector under the KORUS FTA should not remain as a vulnerable sector
completely shielded from increased competition from abroad. The Korean government has
made necessary transitory measures such as the provision of income compensation to
effected farmers and capital investment to increase competitiveness of the agricultural
sector. It will help pave the road to exporting certain agricultural products under the FTAs
preferential tariff treatment. It will also nourish a seed for a structural shift from a laborintensive production to a high value-added one in the agricultural sector. The government
will help our farmers and ranchers in their efforts toward modernizing production facilities,
streamlining distribution systems and developing more high-value varieties.
In addition, the KORUS FTA will benefit domestic consumers. Opening the import market will
not only provide our consumers with a wide variety of options, but will help out the household
economy by lowering prices through increased competition in the domestic market.
On top of all these economic benefits, the KORUS FTA will strengthen the Korea-US strategic
alliance which will add a Korea Premium rather than a Korea Discount. The KORUS FTA
will contribute to the political stability in the Korean peninsula and eventually in the
Northeast Asian region.
Korea became the 9th country in the world whose trade volume reached US$1 trillion last
year. With its limited natural resources and heavy dependence on international trade, Korea
has made its commitment to pass the US$2 trillion mark in the near future. The KORUS FTA
will be one of the most significant building blocks for this endeavor.
Economic Bulletin
43
Policy Issues
2012 Plan for Service Industry Development
Background
The Korean government has been persistently pursuing the advancement of the service
sector since 2008, releasing five rounds of extensive measures to boost the service sector in
2008 and 2009, and industry-specific policies to nurture promising service industries in 2010
and 2011, with a focus on job creation by those industries. The outcome of such policies was
instant and visible in the tourism industry and medical services. As the government
approved medical services to foreign patients and introduced the tourist visa for patients in
2009, the number of foreign visitors has steadily increased from 6.02 million in 2005 to 7.82
million in 2009 and 9.79 million in 2011.
Employment in the service sector has been rising but the sector still needs to be nurtured, as
its productivity has not increased enough and its trade balance remains in deficit, although
showing an improvement this year.
Against this backdrop, the 2012 policies for the development of the service sector focus on
increased productivity and improved balance of payments as well as continuous job
creation. The government will also keep searching and growing future growth engines in the
service sector.
44
March 2012
2012 goals and strategies

Enhanced productivity of the service sector as well as creation of quality jobs are the main
goals of the 2012 policies. First of all, the government will establish a system to boost
productivity, and provide stronger support to help the industry create more jobs.
Meanwhile, policies currently under review will be finalized while mid- and long-term ones
will be prepared.
2012 plan
1. Finalizing policies currently in progress
- Complete the revision and enactment of the laws which will allow foreign investment in
local hospitals in free economic zones
- Work on the process needed to open the Songdo International Hospital in 2016, including
the signing of the terms concerning management of the hospital and the start of
construction as scheduled
- Push on with the passage of the revised Drugs, Cosmetics and Medical Instruments Law
in the National Assembly so that general household medicines can be purchased at 24hour stores
- Continue to work on the passage of the Framework on the Service Industry Development in
the 18th National Assembly and of the laws to help develop the medical service industry,
such as the revised laws enabling remote medical services and new laws allowing medical
services in the free economic zones and Jeju island
2. Establishing a system to help raise the productivity of the service sector
- Enact the Framework on the Service Industry Development, which will be a legal foundation
for the development of the service sector, as it will allow the promotion of R&D investment
and improvement of statistical methods to fit the industry
- Carefully examine introduction of incentives to promising service industries, such as health
care and medical services, tourism and leisure related services, and those related to
broadcasting and communications, contents, advertising, design, consulting, IT,
engineering and R&D, when they provide services in free economic zones
- Expand tax incentives for job-generating investments to the service sector
- Expand tax exemptions for businesses in the foreign direct investment zones, from
tourism, logistics and R&D related industries to computer programming, system integration
and maintenance
- Persistently work on the improvement of service qualities through standardization, R&D,
and advanced statistical methods
- Increase the competitiveness of self-employed businesses through financing and training,
Economic Bulletin
45
and by encouraging the use of cooperative associations and providing detailed information
regarding the market to help viable business startups.
3. Nurturing service industries with higher capacities of job creation
- Introduce certified medical interpreters and allow insurance companies to invite patients
overseas to help develop medical tourism
- Increase affordable accommodations by easing regulations concerning hotel construction
and remodeling
- Draw up plans on how to take advantage of the countrys advanced shipbuilding, IT and
steel-refining technologies for developing tourism
- Revise laws related to professional sports to help enhance the competitiveness of the
sports industry
- Draft extensive strategies, such as the streamlining of processes, to invite qualified foreign
educational institutions
- Support new educational businesses such as electronic learning and promote college
education given by companies, for example Samsung Electronics School of Engineering, by
allowing the admission of employees from other companies
- Simplify regulations concerning advertising
- Examine on-the-spot service of professional services such as legal services, accounting
services and legal services concerning patents
- Work on deregulation of rules which hinder the development of the IT convergence
industry, reflecting the ideas of those in the field
- Find ways to help protect intellectual property rights including patents
- Promote the cloud computing service by enacting related laws which, for example, will
impose less tight requirements for computer equipment and protect users from accidental
release of information due to computer errors
- Nurture convergence industries such as broadcasting and communications, as well as
network services and hardware production by establishing policies to facilitate the
development of new markets for those industries and through deregulation
- Support content industries such as electronic publishing and digital contents with
reinforced regulations, which require more transparent transactions and can settle
disputes from dealings of such contents
- Systematically support promising service industries such as medical care, electronic
learning, contents and engineering when they go to overseas markets, as the Korea Trade
Investment Promotion Agencys overseas facilities will be made available for them
4. Shaping mid- and long-term strategies
- Prepare mid- and long-term strategies to develop service industries in the second quarter
- Hold an international forum for service sector development in September, with agendas to
be selected in April and studied by experts before the forum
46
March 2012
Policy Issues
Introduction of Koreas Knowledge Sharing Program
Background
Korea officially made the transition from aid beneficiary to aid donor by joining the OECD
Development Assistance Committee (DAC) in November 2009. Ever since, Korea has stepped
up its efforts to enhance the effectiveness of its development cooperation practices. For
instance, the Framework Act on International Development Cooperation was enacted in
January 2010, and the Committee for International Development Cooperation (CIDC), a
coordinating body of aid-giving ministries and agencies chaired by the Korean Prime
Minister, adopted the Strategic Plan for International Development Cooperation in October
of the same year. Through such efforts, Korea is in the process of establishing the legal and
institutional basis for development cooperation.
As knowledge emerges as a key to development, international organizations such as the
World Bank and the African Development Bank began implementing knowledge sharing
programs as a primary medium for promoting development. In line with such global
recognition of knowledge as a tool of effective development policy, the Strategic Plan for
International Development Cooperation states the need to utilize Koreas unique
development experience to make meaningful contributions to the international community.
Having witnessed Koreas unprecedented economic growth, developing countries have
shown great interest in the economic growth model of Korea, and grant aid provided by Korea
in the form of knowledge sharing programs has continuously increased, which implies that
knowledge sharing has become an integral element of Koreas development cooperation.
Economic Bulletin
47
Knowledge Sharing Projects by Organization

The Korean aid architecture consists of two pillars. Under the current system, the Ministry
of Foreign Affairs and Trade (MOFAT) manages Koreas grant aid through the Korea
International Co-operation Agency (KOICA), and the Ministry of Strategy and Finance
(MOSF) works through the Korea EximBank and its loan facility, the Economic
Development and Co-operation Fund (EDCF), to implement concessional loan programs.
Knowledge sharing is also practiced through other ministries and agencies. The table
below outlines government organizations and their knowledge sharing projects.
<Knowledge sharing projects by government organization>

Organization
Description of knowledge sharing projects
Ministry of Strategy and Finance
Providing policy consulting based on Koreas economic development experience

through the Knowledge Sharing Program in cooperation with the KDI
Ministry of Foreign Affairs and Trade
Providing policy consulting and technical consulting in the field of general

administration and education through the KOICA
Ministry for Food, Agriculture, Forestry

and Fisheries
Operating projects for rural development and agricultural technology transfer
Ministry of Health and Welfare
Establishing a Korean style healthcare model for aid, and modularizing Koreas
development experience in healthcare
Ministry of Education, Science and

Technology
Establishing a Korean style education development model based on the analysis of

Koreas elementary, secondary, and higher education, its curricula, and education
policies
Ministry of Public Administration and

Security
Transferring the Saemaul Movement 1
Korea Customs Service
Sharing administrative experience in customs and tax
Korea Communications Commission
Providing support for the establishment of communications policies
Source: Strategic Plan for International Development Cooperation

1. Saemaul movement , also known as the New Village Movement, is a prototype for community-driven rural development program, launched on April 22, 1970 by
the Korean government
Among many projects, the Knowledge Sharing Program (KSP) of the Ministry of Strategy and
Finance (MOSF) is increasingly gaining attention as Koreas representative knowledge
sharing project. It was designated as one of the ten key projects to promote Koreas national
image in the inauguration of the Presidents Council on National Branding in 2009. Further,
its importance and potential were repeatedly emphasized in the Strategic Plan for
International Development Cooperation.
48
March 2012
The Knowledge Sharing Program (KSP)

The Knowledge Sharing Program (KSP) is a Korean policy consulting program which
integrates research, consulting, education, and training to support the economic and social
development of partnership countries. The KSP consists of three interrelated projects: policy
consultation, modularization, and joint research with international organizations. The Korea
Development Institute (KDI) is the key agency to implement the KSP. From 2004 to 2011, the
KDI has provided policy consultation to 34 countries on over 300 topics through the KSP. It
has completed modularizing Koreas development experience in over 60 areas. In addition,
upon signing MOUs with various international organizations, the KDI has been involved in 10
joint consultation projects, and carried out joint researches with the World Bank, the Asia
Foundation, and the Asian Development Bank.
In order to assure enough support the one-year policy consultation project can be extended
to up to three years when necessary. In the case of the Dominican Republic, policy research
and consultation was provided for export development in 2008. In order to help implement
the policy recommendations derived in 2008, the 2009 Dominican Republic KSP involved
the EDCF to initiate the project to build the Cibao Trade Center. Furthermore, in 2009, the
Dominican Republic also received consultation regarding the improvement of the electric
power system. This progressed into a cooperative partnership between the Dominican
Corporation of State Electrical Companies (CDEEE) and the Korea Electric Power
Corporation (KEPCO).
Reflecting the increasing demand from developing countries for knowledge sharing
programs, the budget of the KSP continues to rise as shown in Figure 1. It has increased from
75 hundred million won in 2010 to 140 hundred million won in 2011, and is expected to
amount to 192 hundred million won in 2012.
<The budget of the Knowledge Sharing Program (KSP)>
Source: KDI
Economic Bulletin
49
Expectations
With the success of the KSP, there has been a continuous increase in demand for the KSP by
development partnership countries. In 2012, the KDI has received requests for the KSP from
over 50 countries, and has decided to proceed with policy consultation projects for 33
partnership countries. This is a significant increase compared to 26 countries in 2011 and 16
countries in 2010. Not only development partnership countries but also various aid-giving
institutions such as the Asian Development Bank, the World Bank, the OECD, and the UN
show great interest in the KSP and are actively engaged in cooperative efforts with the KDI.
The knowledge sharing program is exceptional as it covers research, consultation, and training
based on experiential development knowledge with its goal of sharing development
experiences with partnership countries. With such strengths, and through continuous
evolution and deepening collaboration with internationally renowned institutions, the KSP is
expected to lead the future of knowledge sharing as development cooperation.
* This article was originally written by Yulan Kim of the Korea Development Institute (KDI) and published in
International Development Cooperation Analysis Quarterly on February 29, 2012. For further information, please
contact Ms. Yulan Kim at +82-2-958-4133 or by email: y.kim@kdi.re.kr
50
March 2012
Economic
News Briefing
Overseas direct investment surges 29.5% in 2011

Koreas overseas direct investment hit a record high in 2011, despite increasing uncertainties
in the global economy. Outbound foreign direct investment (FDI) in 2011 rose 29.5 percent
from the previous year to reach US$44.49 billion. Investments in mining doubled due to
active participation in natural resources development projects. On the other hand,
investments in finance and insurance decreased 25.7 percent while those in real estate
renting fell 53.7 percent. By region, investments in North America and Oceania increased
significantly, while investments in Europe and Latin America declined. The top investment
destination in 2011 was the United States (US$16.43 billion, up 222.5% y-o-y), followed by
China (US$4.87 billion, up 10.4% y-o-y), Australia (US$4.11 billion, up 438.4% y-o-y), Canada
(US$1.89 billion, up 97.9% y-o-y) and Hong Kong (US$1.54 billion, up 2.1% y-o-y).
(Notification basis)
2008
2009
2010
2011
Total (US$ billion)
36.81
30.72
34.36
44.49
Growth rate1 (%)
22.8
-16.6
11.9
29.5
1. Percentage change from the previous year
Economic Bulletin
51
Korea plans to be 35% energy independent by 2020

Korea plans to boost its oil and gas self-sufficiency rate to 35 percent by 2020, according to
the Ministry of Knowledge Economy. The self-sufficiency level of oil and gas has increased
significantly during the current administration, from 4.2 percent in 2007 to 13.7 percent in
2011. Meanwhile, the self-sufficiency rate for strategic minerals such as lithium and rare
earth metals has increased from 18.5 percent in 2007 to 29 percent in 2011. The government
aims to boost the ratio to 43 percent by 2012. In order to ensure steady supply of natural
resources in the future, the Ministry has outlined eight strategies, which include setting a
timetable for energy independency, participating in large-scale resources development
projects, and improving the management efficiency of state firms engaging in the natural
resources sector.
Korea receives high grades in taxation transparency

Korea received high grades in an assessment conducted by the OECD Global Forum on
Transparency and Exchange of Information for Tax Purposes. The Global Forum gave
Korea high grades in nine out of ten categories, notably in obtaining accounting and
banking information, access of information by tax authorities and the fulfillment of
international tax codes and standards. The study results show that Korea has joined the
ranks of advanced nations in terms of taxation transparency and information exchange.
Meanwhile, the Global Forum, which has conducted assessments on 107 nations, will
release its full report in early April.
Korea to introduce reporting system for massive short selling

Starting as early as the third quarter of this year, investors in Korea will be required to report
their short positions that exceed a certain level to both regulatory authorities and the Korea
Exchange (KRX), the Financial Services Commission (FSC) announced on March 12. Since the
onset of the global financial crisis, the worlds major economies have attempted to enhance
the transparency of short selling by adopting reporting systems for high volume short sales.
By introducing such a system, Korea is joining the global effort to gather information for
market supervision and maintain market stability.
52
March 2012
Statistical
Appendices
Tables & Figures
2. Production, shipment and inventory
3. Production capacity and operation ratio
4. Consumer goods sales index
5. Consumer goods shipment index and consumer sentiment index
6. Machinery orders received, domestic machinery shipment,
and estimated facility investment index
7. Value of construction completion and domestic construction orders received
8. Composite indices of business cycle indicators and BSI
9. Balance of payments (I)
10. Balance of payments (II)
11. Prices
12. Employment
13. Financial indicators
14. Monetary indicators
15. Exchange rates
Economic Bulletin
53
(year-on-year change, %, chained 2005 year prices)
Real GDP
Period
2004
2005
2006
2007
2008
2009
2010
2011P
Gross fixed capital formation
Final
consumption
expenditure
Agri., fores.
& fisheries
Manufacturing
4.6
4.0
5.2
5.1
2.3
0.3
6.2
3.6
9.1
1.3
1.5
4.0
5.6
3.2
-4.3
-1.0
10.0
6.2
8.1
7.2
2.8
-1.5
14.8
7.1
1.0
4.6
5.1
5.1
2.0
1.2
3.9
2.3
Construction
Facilities
2.1
1.9
3.4
4.2
-1.9
-1.0
7.0
-2.1
1.3
-0.4
0.5
1.4
-2.8
3.4
-1.4
-6.5
3.8
5.3
8.2
9.3
-1.0
-9.8
25.0
3.8
2004
I
II
III
IV
5.2
5.9
4.8
2.7
8.2
7.6
8.3
11.6
10.9
12.9
10.4
6.2
-0.1
1.3
1.0
1.8
2.3
4.9
3.1
-1.4
5.3
4.2
1.2
-3.5
-0.6
6.4
7.7
1.8
2005
I
II
III
IV
2.7
3.4
4.5
5.1
0.4
4.8
3.8
-3.1
4.8
3.9
6.7
9.3
2.7
4.7
5.9
4.9
-0.3
1.8
1.5
3.9
-3.1
0.9
-0.3
0.3
3.4
2.8
4.1
10.8
2006
I
II
III
IV
6.1
5.1
5.0
4.6
3.9
-0.3
-1.4
4.2
9.4
9.1
8.7
5.4
5.8
4.9
4.6
5.1
3.8
0.1
4.0
5.7
1.9
-4.2
-0.5
5.1
7.2
8.0
12.0
5.7
2007
I
II
III
IV
4.5
5.3
4.9
5.7
1.6
7.0
8.2
-0.7
4.5
7.2
6.3
10.2
5.1
5.4
5.3
4.7
7.3
5.7
1.5
3.1
4.4
2.0
-0.2
0.4
12.6
13.0
4.0
8.0
2008
I
II
III
IV
5.5
4.4
3.3
-3.3
7.8
4.6
4.3
6.5
8.9
8.3
5.3
-9.4
4.3
3.0
2.4
-1.7
-0.6
0.6
2.1
-8.7
-2.5
-0.5
0.4
-7.7
2.8
2.0
5.3
-13.3
2009
I
II
III
IV
-4.2
-2.1
1.0
6.3
2.5
0.0
5.0
5.0
-13.6
-7.1
1.8
13.1
-2.2
0.7
1.5
4.8
-7.5
-3.0
-1.0
6.2
1.6
4.3
3.2
4.0
-21.9
-18.1
-9.4
12.2
2010
I
II
III
IV
8.5
7.5
4.4
4.7
0.9
-2.2
-7.3
-6.7
22.2
17.8
9.8
11.1
5.9
3.4
3.4
3.0
12.5
6.8
6.8
3.4
4.3
-2.3
-3.1
-2.9
29.1
30.5
26.6
15.9
2011P
I
II
III
IV
4.2
3.4
3.5
3.4
-8.6
1.0
-2.7
4.0
9.8
7.2
6.1
5.5
2.5
2.8
2.3
1.4
-2.2
-1.1
0.1
-3.0
-11.9
-6.8
-4.6
-4.0
11.7
7.5
1.0
-3.4
P: Preliminary
54
March 2012
Growth rate by economic activity
Growth rate by expenditure on GDP
Economic Bulletin
55
2. Production, shipment and inventory See graphs 6-1, 6-3, 7-1, 7-2 & 7-3
(constant prices, 2005 = 100)
Period
Production
index
2009
2010
2011P
Y-o-Y
change (%)
Shipment
index
Y-o-Y
change (%)
Inventory
index
Y-o-Y
change (%)
Service
production
index
Y-o-Y
change (%)
119.7
139.1
148.7
-0.1
16.2
6.8
116.7
133.5
142.1
-1.4
14.4
6.5
115.5
135.6
163.4
-7.8
17.4
20.6
118.3
122.9
127.0
1.8
3.9
3.3
2009
I
II
III
IV
103.5
118.7
125.3
131.2
-15.1
-5.4
4.9
16.8
102.6
116.6
120.7
126.9
-14.4
-5.2
2.3
12.9
115.9
110.4
113.0
115.5
-6.2
-17.0
-14.3
-7.8
112.9
118.0
118.9
123.4
-1.1
1.1
2.4
4.8
2010
I
II
III
IV
129.8
141.0
139.0
146.6
25.4
18.8
10.9
11.7
124.0
135.1
132.7
142.0
20.9
15.9
9.9
11.9
124.6
127.7
134.6
135.6
7.5
17.5
19.1
17.4
119.9
122.9
121.6
127.3
6.2
4.2
2.3
3.2
2011
I
II
III
IVP
143.6
151.2
146.1
154.0
10.6
7.2
5.1
5.0
138.7
144.8
139.3
146.4
11.9
7.2
5.0
3.3
137.4
142.7
149.0
163.4
10.3
10.0
10.7
20.6
123.1
127.0
126.7
130.8
2.7
3.3
4.2
2.7
2009
1
2
3
4
5
6
7
8
9
10
11
12
94.4
100.7
115.3
117.2
116.1
122.7
124.6
117.8
133.4
128.1
130.7
134.8
-25.3
-9.4
-10.1
-7.4
-8.2
-0.6
1.0
1.4
12.1
1.2
18.5
34.8
93.7
100.3
113.8
115.6
113.8
120.5
120.1
113.6
128.3
124.0
126.6
130.1
-23.1
-8.7
-10.7
-7.4
-7.9
0.0
-1.2
-1.0
9.1
-0.2
15.3
26.2
123.9
117.7
115.9
112.3
111.5
110.4
111.5
112.0
113.0
112.4
113.6
115.5
0.1
-5.2
-6.2
-9.8
-13.3
-17.0
-15.7
-15.1
-14.3
-16.4
-14.6
-7.8
112.1
109.9
116.7
117.1
117.6
119.2
117.9
117.0
121.8
119.3
119.3
131.6
-1.6
0.0
-1.4
0.9
-0.2
2.6
1.2
1.6
4.5
2.3
4.2
7.7
2010
1
2
3
4
5
6
7
8
9
10
11
12
129.3
119.1
141.1
140.0
140.0
142.9
143.1
136.5
137.3
145.3
145.3
149.2
37.0
18.3
22.4
19.5
20.6
16.5
14.8
15.9
2.9
13.4
11.2
10.7
123.1
113.6
135.2
134.7
133.4
137.3
135.7
131.0
131.4
140.8
141.4
143.9
31.4
13.3
18.8
16.5
17.2
13.9
13.0
15.3
2.4
13.5
11.7
10.6
119.8
123.3
124.6
126.3
129.9
129.7
134.1
134.5
134.6
133.5
132.8
135.6
-3.3
4.8
7.5
12.5
16.5
17.5
20.3
20.1
19.1
18.8
16.9
17.4
118.5
116.7
124.4
121.5
123.3
124.0
122.4
120.9
121.6
123.2
123.8
134.9
5.7
6.2
6.6
3.8
4.8
4.0
3.8
3.3
-0.2
3.3
3.8
2.5
2011
1
2
3
4
5
6
7
8
9
10
11
12P
146.9
129.8
154.0
149.7
151.5
152.3
148.7
142.9
146.8
154.6
153.7
153.6
13.6
9.0
9.1
6.9
8.2
6.6
3.9
4.7
6.9
6.4
5.8
2.8
141.4
125.2
149.6
144.6
144.4
145.4
135.9
136.5
141.3
147.0
145.8
147.0
14.9
10.2
10.7
7.3
8.2
5.9
3.1
4.2
7.5
4.4
3.1
2.4
135.4
137.1
137.4
137.3
140.2
142.7
147.2
150.4
149.1
153.1
157.4
163.4
13.0
11.2
10.3
8.7
7.9
10.0
9.8
11.8
10.8
14.7
18.5
20.6
124.1
116.9
128.2
125.2
127.4
128.4
127.0
126.8
126.2
127.4
127.2
137.1
4.7
0.2
3.1
3.0
3.3
3.5
3.8
4.9
3.8
3.4
2.7
1.6
2012
1P
143.8
-2.0
137.5
-2.4
163.4
20.9
125.1
0.9
P: Preliminary
56
March 2012
3. Production capacity and operation ratio See graph 6-2
Period
Y-o-Y
change (%)
Operation
ratio index
(2005=100)
Y-o-Y
change (%)
Average
operation
ratio (%)
119.3
128.7
135.7
3.5
7.9
5.4
93.8
101.7
100.5
-3.5
8.4
-1.2
74.4
80.9
80.0
Production
capacity index
(2005=100)
2009
2010
2011P
2009
I
II
III
IV
117.0
118.0
120.1
122.2
2.8
2.5
3.5
5.0
81.7
95.3
97.8
100.3
-17.7
-7.6
2.4
10.1
67.0
74.3
77.8
78.4
2010
I
II
III
IV
124.9
127.3
130.4
132.1
6.8
7.9
8.6
8.1
97.1
105.3
99.3
105.0
18.8
10.5
1.5
4.7
80.3
81.9
80.6
80.8
2011
I
II
III
IVP
133.7
135.2
136.0
138.1
7.0
6.2
4.3
4.5
99.0
103.7
98.0
101.5
2.0
-1.5
-1.3
-3.3
82.2
79.9
79.6
78.1
2009 1
2
3
4
5
6
7
8
9
10
11
12
116.9
116.9
117.1
117.7
117.7
118.5
119.3
119.8
121.1
121.6
121.9
123.1
2.7
2.7
2.8
3.0
2.0
2.4
3.1
3.3
4.2
4.6
4.8
5.5
73.7
79.8
91.6
94.1
93.3
98.4
98.8
91.0
103.6
99.1
100.5
101.2
-28.6
-10.8
-12.8
-10.1
-9.7
-2.8
-1.0
-1.3
9.6
-4.8
12.4
27.0
63.7
67.3
70.0
72.5
73.7
76.6
77.7
76.4
79.3
77.8
78.0
79.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
124.2
124.5
125.9
126.3
127.4
128.3
129.5
130.6
131.1
131.6
131.9
132.9
6.2
6.5
7.5
7.3
8.2
8.3
8.5
9.0
8.3
8.2
8.2
8.0
96.9
88.1
106.4
105.8
103.5
106.7
104.9
96.1
96.8
106.1
104.8
104.2
31.5
10.4
16.2
12.4
10.9
8.4
6.2
5.6
-6.6
7.1
4.3
3.0
79.2
80.5
81.2
81.7
81.7
82.2
81.7
80.4
79.7
79.5
80.5
82.3
2011 1
2
3
4
5
6
7
8
9
10
11
12P
133.1
133.4
134.5
135.0
135.2
135.4
135.7
135.8
136.6
137.8
138.2
138.2
7.2
7.1
6.8
6.9
6.1
5.5
4.8
4.0
4.2
4.7
4.8
4.0
101.6
88.5
106.8
103.0
103.1
104.9
101.0
95.3
97.6
102.9
101.9
99.6
4.9
0.5
0.4
-2.6
-0.4
-1.7
-3.7
-0.8
0.8
-3.0
-2.8
-4.4
83.6
81.8
81.3
79.4
79.9
80.5
79.9
79.8
79.0
78.8
78.4
77.0
2012 1P
138.2
3.8
92.7
-8.8
80.6
P: Preliminary
Economic Bulletin
57
4. Consumer goods sales index See graphs 2-2, 2-3, 2-4 & 2-5
(constant prices, 2005 = 100)
Period
2009
2010
2011P
Consumer
goods
sales
index
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Semi-durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
113.6
121.2
126.4
2.7
6.7
4.3
136.8
157.1
174.0
8.2
14.8
10.8
106.3
113.5
118.3
1.3
6.8
4.2
111.3
113.8
115.0
1.2
2.2
1.1
2009
I
II
III
IV
106.5
113.4
111.9
122.4
-4.5
1.5
2.8
10.9
114.7
142.0
135.5
155.1
-11.7
5.9
7.7
34.1
103.1
107.7
94.3
120.2
-0.5
0.5
0.3
4.5
107.7
109.2
114.3
113.9
-1.4
0.4
1.8
4.0
2010
I
II
III
IV
116.6
118.8
120.4
128.8
9.5
4.8
7.6
5.2
148.7
149.9
158.5
171.5
29.6
5.6
17.0
10.6
105.9
114.6
100.4
133.3
2.7
6.4
6.5
10.9
110.8
112.9
118.0
113.4
2.9
3.4
3.2
-0.4
2011
I
II
III
IVP
122.9
125.6
126.0
131.2
5.4
5.7
4.7
1.9
167.3
175.9
175.6
177.3
12.5
17.3
10.8
3.4
112.0
120.3
104.5
136.5
5.8
5.0
4.1
2.4
112.4
112.2
120.1
115.3
1.4
-0.6
1.8
1.7
2009 1
2
3
4
5
6
7
8
9
10
11
12
108.5
101.2
109.7
108.6
117.0
114.6
110.8
106.7
118.2
120.6
119.6
127.1
-2.9
-5.7
-4.9
-4.2
1.7
7.6
1.1
0.5
6.8
9.9
9.8
12.8
104.1
116.0
124.0
123.9
144.0
158.0
138.2
122.5
145.9
144.8
153.5
167.1
-18.9
-1.5
-13.6
-10.9
5.9
24.3
-1.8
0.8
26.6
16.9
41.0
46.1
103.6
97.1
108.5
109.3
113.3
100.4
95.4
86.5
101.1
116.1
121.8
122.6
-0.8
-0.7
0.0
0.7
1.1
-0.5
-2.3
0.3
3.1
4.0
1.2
8.4
114.8
99.2
109.2
106.8
113.1
107.6
110.8
112.9
119.3
116.6
109.2
116.0
5.5
-8.5
-1.2
-2.5
0.7
3.0
4.4
0.8
0.4
9.4
1.4
1.5
2010
1
2
3
4
5
6
7
8
9
10
11
12
115.5
113.9
120.3
116.5
121.2
118.8
120.8
116.6
123.9
125.8
127.8
132.9
6.5
12.5
9.7
7.3
3.6
3.7
9.0
9.3
4.8
4.3
6.9
4.6
145.5
141.4
159.2
144.5
147.1
158.0
163.9
154.4
157.1
165.3
171.9
177.3
39.8
21.9
28.4
16.6
2.2
0.0
18.6
26.0
7.7
14.2
12.0
6.1
108.4
99.7
109.6
113.6
120.9
109.2
103.4
90.1
107.6
129.8
133.0
137.0
4.6
2.7
1.0
3.9
6.7
8.8
8.4
4.2
6.4
11.8
9.2
11.7
108.2
111.7
112.6
110.5
116.0
112.1
115.4
116.3
122.3
111.7
111.9
116.7
-5.7
12.6
3.1
3.5
2.6
4.2
4.2
3.0
2.5
-4.2
2.5
0.6
2011
1
2
3
4
5
6
7
8
9
10
11
12P
128.2
113.5
126.9
122.6
128.6
125.7
127.5
123.1
127.5
128.8
129.3
135.6
11.0
-0.4
5.5
5.2
6.1
5.8
5.5
5.6
2.9
2.4
1.2
2.0
164.9
153.7
183.2
167.0
175.8
184.9
185.5
173.3
167.9
169.8
183.0
179.0
13.3
8.7
15.1
15.6
19.5
17.0
13.2
12.2
6.9
2.7
6.5
1.0
120.1
101.7
114.1
120.9
126.4
113.7
107.5
93.4
112.6
134.7
130.2
144.6
10.8
2.0
4.1
6.4
4.5
4.1
4.0
3.7
4.6
3.8
-2.1
5.5
119.2
104.6
113.3
109.0
115.9
111.7
117.7
119.5
123.1
114.8
112.2
119.0
10.2
-6.4
0.6
-1.4
-0.1
-0.4
2.0
2.8
0.7
2.8
0.3
2.0
2012
1P
129.3
0.9
168.0
1.9
120.1
0.0
121.8
2.2
P: Preliminary
58
March 2012
5. Consumer goods shipment index and consumer sentiment index

See graph 2-6
Period
2009
2010
2011P
Domestic consumer
goods shipment index
(2005=100)
Y-o-Y
change (%)
Durable
goods
Y-o-Y
change (%)
Non-durable
goods
Y-o-Y
change (%)
Consumer
sentiment index
116.4
122.4
121.0
1.4
5.2
-1.1
135.1
140.5
135.4
6.5
4.0
-3.6
108.9
115.2
115.3
-0.9
5.8
0.1
2009
I
II
III
IV
107.7
114.8
119.9
123.3
-8.3
-0.8
5.4
10.2
113.4
139.9
139.4
147.8
-14.9
2.5
13.3
29.2
105.3
104.7
112.0
113.4
-5.2
-2.5
1.7
2.2
2010
I
II
III
IV
118.9
120.2
122.6
128.1
10.4
4.7
2.3
3.9
137.3
140.2
140.3
144.1
21.1
0.2
0.6
-2.5
111.4
112.2
115.5
121.7
5.8
7.2
3.1
7.3
2011
I
II
III
IVP
121.3
117.9
121.7
123.3
2.0
-1.9
-0.7
-3.7
135.5
135.2
137.1
133.8
-1.3
-3.6
-2.3
-7.1
115.6
111.0
115.5
119.1
3.8
-1.1
0.0
-2.1
2009 1
2
3
4
5
6
7
8
9
10
11
12
107.6
103.8
111.7
112.6
113.5
118.4
119.0
110.9
129.7
121.7
118.5
129.6
-14.2
-2.5
-7.4
-6.0
-1.9
6.0
1.0
-0.7
15.8
1.7
10.7
18.8
99.0
115.5
125.7
120.6
140.7
158.4
146.3
125.8
146.1
139.5
146.7
157.1
-25.3
-6.2
-12.8
-16.4
2.8
23.3
8.9
6.1
25.8
9.2
32.2
50.5
111.0
99.0
106.0
109.3
102.6
102.3
108.0
104.9
123.1
114.5
107.2
118.6
-9.4
-0.8
-4.6
-0.7
-4.3
-2.6
-2.8
-3.7
11.6
-1.8
1.7
6.8
84
85
84
98
105
106
109
114
114
117
113
113
2010 1
2
3
4
5
6
7
8
9
10
11
12
124.2
110.7
121.7
120.8
117.6
122.2
122.4
121.3
124.1
129.7
128.7
125.9
15.4
6.6
9.0
7.3
3.6
3.2
2.9
9.4
-4.3
6.6
8.6
-2.9
136.5
130.2
145.1
136.0
136.2
148.4
146.7
134.7
139.6
146.7
145.8
139.9
37.9
12.7
15.4
12.8
-3.2
-6.3
0.3
7.1
-4.4
5.2
-0.6
-10.9
119.2
102.8
112.3
114.8
110.2
111.7
112.7
116.0
117.9
122.9
121.9
120.2
7.4
3.8
5.9
5.0
7.4
9.2
4.4
10.6
-4.2
7.3
13.7
1.3
113
111
110
110
111
112
112
110
109
108
110
109
2011 1
2
3
4
5
6
7
8
9
10
11
12P
130.2
106.3
127.3
118.8
115.8
119.2
120.2
122.2
122.6
124.3
121.5
124.1
4.8
-4.0
4.6
-1.7
-1.5
-2.5
-1.8
0.7
-1.2
-4.2
-5.6
-1.4
134.0
126.1
146.5
133.7
132.0
139.9
142.5
132.9
136.0
132.5
131.4
137.5
-1.8
-3.1
1.0
-1.7
-3.1
-5.7
-2.9
-1.3
-2.6
-9.7
-9.9
-1.7
128.7
98.4
119.6
112.8
109.3
110.9
111.3
117.9
117.3
121.0
117.5
118.7
8.0
-4.3
6.5
-1.7
-0.8
-0.7
-1.2
1.6
-0.5
-1.5
-3.6
-1.2
108
105
98
100
104
102
102
99
99
100
103
99
2012 1P
2
119.8
-
-8.0
-
128.3
-
-4.3
-
116.4
-
-9.6
-
98
100
Source: Statistics Korea & The Bank of Korea
Economic Bulletin
59
6. Machinery orders received, domestic machinery shipment

and estimated facility investment index See graph 3-2
Domestic machinery orders received
excluding ship (billion won, constant prices)
Period
2010
2011P
Estimated
facility investment
index
(2005=100)
Domestic
machinery
shipment
excluding ship
(2005=100)
Total
Public
Private
22,731
25,240
2,337
2,599
20,394
22,641
12,279
13,848
132.2
133.1
132.4
134.1
Manufacturing
2010
I
ll
III
IV
5,394
6,070
5,514
5,754
525
402
380
1,030
4,869
5,668
5,133
4,723
2,915
3,566
3,016
2,782
120.2
136.7
137.5
134.2
117.0
142.2
132.3
138.3
2011
I
ll
III
IVP
6,445
6,676
5,703
6,416
470
728
404
998
5,975
5,948
5,300
5,418
3,695
3,677
3,109
3,367
126.7
144.5
133.3
127.8
127.8
147.3
128.4
133.1
2010 7
8
9
10
11
12
2,026
1,686
1,802
1,676
1,731
2,347
105
106
169
101
102
820
1,921
1,579
1,633
1,575
1,621
1,527
1,069
898
1,050
965
989
827
137.8
139.0
135.7
128.8
133.0
140.9
135.5
128.6
132.9
128.6
133.3
152.9
2011 1
2
3
4
5
6
7
8
9
10
11
12P
2,009
2,045
2,391
1,951
2,113
2,611
1,990
1,800
1,913
1,977
2,317
2,122
115
122
233
99
142
487
152
115
137
301
474
223
1,894
1,923
2,158
1,853
1,971
2,124
1,838
1,685
1,776
1,676
1,843
1,899
1,109
1,146
1,441
1,155
1,186
1,336
1,027
1,006
1,076
966
1,124
1,277
123.3
112.4
144.5
134.4
146.8
152.3
133.7
135.0
131.3
114.8
129.3
139.3
121.5
118.3
143.7
137.5
149.4
154.9
135.2
124.1
125.8
122.5
127.3
149.5
2012 1P
1,956
117
1,101
132.9
121.6
8.3
11.0
-37.7
11.2
32.3
12.8
24.2
0.7
20.1
1.3
2010
2011P
1,839
Y-o-Y change (%)
18.3
11.0
2010
I
ll
III
IV
7.4
21.4
-2.7
8.5
-43.7
-42.2
-71.7
31.4
19.0
31.7
18.8
4.4
45.9
58.7
27.0
4.6
29.7
28.8
28.0
12.5
18.4
24.0
23.8
14.7
2011
I
ll
III
IVP
19.5
10.0
3.4
11.5
-10.5
81.1
6.1
-3.1
22.7
4.9
3.2
14.7
26.8
3.1
3.1
21.0
5.4
5.7
-3.1
-4.8
9.2
3.6
-2.9
-3.8
2010 7
8
9
10
11
12
-19.0
25.1
-0.8
7.3
-11.1
31.1
-90.2
48.9
-15.5
20.8
-76.5
213.9
34.4
23.7
1.1
6.5
7.0
-0.2
41.9
37.2
8.4
13.4
5.1
-4.5
30.4
39.8
15.9
19.5
11.8
7.4
25.2
32.6
15.2
19.3
16.5
9.5
2011
1
2
3
4
5
6
7
8
9
10
11
12P
15.6
28.0
16.2
9.0
-0.8
21.4
-1.7
6.8
6.1
18.0
33.9
-9.6
-32.1
14.0
-6.3
-22.3
23.4
205.2
44.9
8.0
-19.1
197.7
333.3
-72.8
20.7
29.0
19.3
11.4
-2.2
6.7
-4.3
6.7
8.8
6.4
13.7
24.3
9.8
29.8
40.9
9.4
-10.8
13.1
-3.9
12.0
2.5
0.0
13.6
54.4
19.4
-0.2
-0.2
2.2
11.7
3.5
-3.0
-2.9
-3.2
-10.9
-2.8
-1.1
11.5
14.1
4.0
0.2
8.5
2.2
-0.2
-3.5
-5.3
-4.7
-4.5
-2.2
2012
1P
-2.6
1.8
-2.9
-0.7
7.8
0.1
P: Preliminary
60
March 2012
7. Value of construction completion and domestic construction

orders received See graphs 4-2 & 4-3
(current prices, billion won)
Period
Type of order
Private
Public
Private
35,161
35,508
52,824
51,273
89,814
93,428
29,197
28,459
55,086
60,333
Public
92,276
91,638
2010
2011P
Type of order
Domestic
construction
orders received
(total)
Value of
construction
completion
(total)
2010
I
ll
llI
lV
20,345
24,085
22,018
25,828
7,480
9,128
7,803
10,750
11,980
13,935
13,156
13,752
18,450
25,540
19,352
26,472
8,069
6,889
6,807
7,433
9,235
16,868
11,477
17,506
2011
I
ll
llI
lVP
19,088
23,904
21,499
27,146
7,325
9,324
7,841
11,017
10,852
13,182
12,533
14,706
16,276
25,101
19,638
32,413
4,095
6,307
6,593
11,463
11,102
17,509
12,245
19,477
2010
7
8
9
10
11
12
7,450
7,147
7,422
7,376
8,015
10,437
2,692
2,459
2,653
2,853
3,253
4,644
4,414
4,367
4,375
4,160
4,403
5,189
7,589
4,226
7,537
4,407
7,667
14,398
3,878
1,337
1,592
1,183
2,037
4,213
3,387
2,729
5,361
3,047
5,292
9,167
2011
1
2
3
4
5
6
7
8
9
10
11
12P
6,208
5,247
7,633
7,053
7,430
9,422
6,786
6,901
7,813
8,022
7,945
11,179
2,480
2,015
2,831
2,724
2,817
3,783
2,432
2,513
2,896
2,963
3,250
4,804
3,475
2,991
4,386
3,978
4,222
4,982
4,046
4,056
4,431
4,678
4,300
5,729
4,927
4,088
7,262
6,670
6,984
11,448
5,098
7,300
7,240
7,111
8,745
16,556
1,330
1,397
1,369
1,432
1,895
2,979
1,819
1,504
3,270
2,295
2,948
6,220
2,904
2,546
5,651
4,609
4,598
8,303
3,103
5,509
3,633
4,630
5,668
9,179
2012
1P
6,099
2,400
3,382
7,033
1,973
4,920
-17.7
4.0
-43.3
-2.5
3.6
9.5
2010
2011P
2.7
-0.7
8.5
1.0
Y-o-Y change (%)

0.6
-2.9
2010
I
ll
llI
lV
6.4
2.0
-0.3
3.3
14.0
5.5
-0.9
15.6
3.8
2.7
1.0
-4.5
0.3
-5.8
-2.3
-39.5
-13.6
-61.9
-22.1
-51.6
9.8
107.1
14.0
-34.0
2011
I
ll
llI
lVP
-6.2
-0.7
-2.4
5.1
-2.1
2.2
0.5
2.5
-9.4
-5.4
-4.7
6.9
-11.8
-1.7
1.5
22.4
-49.2
-8.4
-3.1
54.2
20.2
3.8
6.7
11.3
2010
7
8
9
10
11
12
6.6
6.4
-11.5
1.2
-0.8
8.4
14.0
1.3
-14.0
10.4
16.2
18.5
3.8
11.2
-9.7
-4.2
-9.4
-0.2
27.5
-10.8
-17.4
-58.9
-47.9
-21.5
22.7
-25.7
-57.8
-75.0
-61.2
-21.5
39.7
-3.9
11.5
-46.8
-40.4
-23.1
2011
1
2
3
4
5
6
7
8
9
10
11
12P
-4.5
-14.7
-0.8
-4.0
-4.0
4.7
-8.9
-3.4
5.3
8.8
-0.9
7.1
9.5
-12.6
-2.7
3.8
-0.8
3.3
-9.7
2.2
9.2
3.9
-0.1
3.4
-12.5
-17.2
-0.2
-10.7
-6.9
0.7
-8.3
-7.1
1.3
12.4
-2.3
10.4
-31.9
-16.0
14.2
0.1
-21.0
14.1
-32.8
72.8
-3.9
61.4
14.1
15.0
-46.6
-36.2
-59.6
-21.0
12.7
-12.2
-53.1
12.5
105.4
94.1
44.7
47.6
-33.3
10.7
119.0
3.0
-31.8
46.9
-8.4
101.8
-32.2
52.0
7.1
0.1
2012
1P
-1.8
-3.2
-2.7
42.8
48.4
69.4
P: Preliminary
Economic Bulletin
61
8. Composite indices of business cycle indicators and BSI

See graphs 13-1, 13-2 & 13-3
Period
Leading
index
(2005=100)
Coincident
index
(2005=100)
Cycle of
coincident
index
(2005=100)
BSI (results)
BSI (prospects)
2008 1
2
3
4
5
6
7
8
9
10
11
12
115.8
115.3
114.7
114.4
113.9
113.0
112.3
112.8
113.7
114.4
114.5
114.9
119.9
120.4
120.7
120.8
120.8
120.4
120.3
120.6
121.1
121.1
120.1
118.1
103.1
103.0
102.9
102.6
102.1
101.4
100.9
100.7
100.7
100.3
99.1
97.1
95.2
95.6
101.1
101.7
98.1
79.1
80.8
83.1
76.8
64.6
53.7
52.4
103.0
94.8
102.1
98.1
104.7
95.3
83.2
80.8
98.3
84.9
63.7
55.0
2009 1
2
3
4
5
6
7
8
9
10
11
12
115.5
116.6
117.4
119.7
121.5
123.7
124.6
125.6
126.7
128.5
130.1
131.0
116.7
116.7
117.7
119.2
120.0
122.0
123.0
123.8
124.7
125.8
126.8
127.5
95.6
95.2
95.6
96.4
96.7
97.7
98.3
98.5
98.8
99.2
99.6
99.7
58.1
62.4
89.0
93.7
100.9
96.6
98.5
96.0
110.5
107.5
103.8
104.8
52.0
66.0
76.1
86.7
103.8
100.2
98.7
99.8
117.0
116.5
109.0
105.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
131.5
131.5
131.5
131.2
131.6
132.1
132.9
133.2
133.5
133.0
133.3
133.5
128.2
129.4
130.2
131.1
131.8
132.4
133.3
133.6
133.6
133.5
134.0
135.0
99.8
100.3
100.5
100.7
100.8
100.9
101.1
100.9
100.5
99.9
99.9
100.2
99.2
98.7
113.1
108.9
111.9
109.4
105.0
98.6
104.1
104.3
103.5
102.1
103.1
102.3
116.2
111.2
113.4
108.9
107.3
100.7
111.1
113.1
107.1
104.2
2011 1
2
3
4
5
6
7
8
9
10
11
12
134.6
134.8
134.7
134.3
134.8
135.7
136.4
136.6
136.6
136.8
137.1
137.7
136.7
137.1
137.6
137.5
138.2
139.1
140.0
140.7
140.7
141.1
141.1
141.7
101.1
100.9
100.8
100.3
100.4
100.6
100.8
100.9
100.4
100.3
99.8
99.8
99.1
92.2
107.8
98.4
98.9
99.6
96.2
86.8
96.4
95.0
93.0
90.1
101.8
98.0
113.5
99.3
104.3
104.3
101.3
98.9
96.3
101.4
96.4
94.8
2012 1
2
3
138.7
-
142.1
-
99.7
-
88.6
92.2
-
88.3
91.0
106.1
Source: Statistics Korea & The Federation of Korean Industries
62
March 2012
9. Balance of payments (I) See graphs 5-1, 5-2, 5-3, 10-1 & 10-2
(million US$)
Period
2009
2010
2011
Current
balance
Goods
trade
balance
Exports
32,790.5
29,393.5
26,505.3
37,866.0
40,082.5
30,950.3
Imports
Services
trade
balance
Income
trade
balance
Current
transfers
358,189.7
461,444.9
552,564.3
320,323.7
421,362.4
521,614.0
-6,640.5
-8,626.0
-4,377.4
2,276.7
1,015.9
2,455.8
-711.7
-3,078.9
-2,523.4
2009
I
II
III
IV
4,543.3
11,557.4
8,613.2
8,076.6
2,819.2
13,553.3
10,914.6
10,578.9
73,334.9
87,038.0
95,485.2
102,331.6
70,515.7
73,484.7
84,570.6
91,752.7
-26.0
-1,291.4
-2,663.3
-2,659.8
393.9
-151.1
948.6
1,085.3
1,356.2
-553.4
-586.7
-927.8
2010
I
II
III
IV
67.8
10,734.7
10,121.7
8,469.3
4,296.2
12,307.0
11,566.2
11,913.1
100,951.1
117,120.4
116,756.4
126,617.0
96,654.9
104,813.4
105,190.2
114,703.9
-4,067.7
-200.0
-1,787.5
-2,570.8
595.6
-901.4
1,289.2
32.5
-756.3
-470.9
-946.2
-905.5
2011
I
II
III
IV
2,610.3
5,492.2
6,896.0
11,506.8
5,842.7
7,661.0
7,197.7
10,248.9
127,691.2
142,722.8
141,393.5
140,756.8
121,848.5
135,061.8
134,195.8
130,507.9
-2,538.0
-796.0
-1,198.2
154.8
387.9
-824.8
1,314.9
1,577.8
-1,082.3
-548.0
-418.5
-474.7
2009
1
2
3
4
5
6
7
8
9
10
11
12
-1,800.2
2,579.8
3,763.7
3,511.2
3,153.8
4,892.4
4,054.8
1,300.2
3,258.2
3,202.9
4,165.0
708.7
-2,441.3
1,766.2
3,494.3
4,255.5
3,822.6
5,475.2
5,021.2
1,920.5
3,972.9
3,546.1
4,851.1
2,181.7
21,910.3
24,179.6
27,245.0
28,832.5
27,228.8
30,976.7
32,688.5
29,001.4
33,795.3
33,474.6
34,055.5
34,801.5
24,351.6
22,413.4
23,750.7
24,577.0
23,406.2
25,501.5
27,667.3
27,080.9
29,822.4
29,928.5
29,204.4
32,619.8
-98.9
-64.1
137.0
-15.8
-555.6
-720.0
-1,241.2
-761.3
-660.8
-505.9
-643.6
-1,510.3
502.7
366.2
-475.0
-835.1
205.0
479.0
366.3
367.9
214.4
336.2
272.5
476.6
237.3
511.5
607.4
106.6
-318.2
-341.8
-91.5
-226.9
-268.3
-173.5
-315.0
-439.3
2010
1
2
3
4
5
6
7
8
9
10
11
12
-599.5
-549.2
1,216.5
724.5
4,923.1
5,087.1
4,779.0
1,668.5
3,674.2
5,489.1
2,024.4
955.8
891.0
633.2
2,772.0
3,333.9
3,625.4
5,347.7
4,934.9
2,224.0
4,407.3
5,403.2
3,241.2
3,268.7
31,782.7
31,111.0
38,057.4
38,740.1
38,083.5
40,296.8
40,473.4
37,186.1
39,096.9
42,008.4
41,822.0
42,786.6
30,891.7
30,477.8
35,285.4
35,406.2
34,458.1
34,949.1
35,538.5
34,962.1
34,689.6
36,605.2
38,580.8
39,517.9
-1,596.2
-1,495.3
-976.2
-561.5
932.8
-571.3
-219.6
-630.1
-937.8
-352.6
-201.2
-2,017.0
456.5
549.9
-410.8
-1,514.5
390.0
223.1
359.9
540.2
389.1
654.2
-775.6
153.9
-350.8
-237.0
-168.5
-533.4
-25.1
87.6
-296.2
-465.6
-184.4
-215.7
-240.0
-449.8
2011
1
2
3
4
5
6
7
8
9
10
11
12
154.7
1,126.1
1,329.5
1,277.6
2,183.9
2,030.7
3,773.6
292.6
2,829.8
4,132.9
4,564.6
2,809.3
1,557.9
1,530.8
2,754.0
3,327.6
1,633.8
2,699.6
4,728.0
371.5
2,098.2
3,547.2
3,997.2
2,704.5
42,662.8
37,228.3
47,800.4
47,879.4
47,149.8
47,693.6
48,555.9
45,634.9
47,202.7
46,451.7
46,656.2
47,648.9
41,104.9
35,697.2
45,046.4
44,551.8
45,516.0
44,994.0
43,827.9
45,263.4
45,104.5
42,904.5
42,659.0
44,944.4
-1,640.9
-569.1
-328.0
-178.8
15.5
-632.7
-690.9
-577.9
70.6
2.8
357.2
-205.2
703.7
542.6
-858.4
-1,581.9
517.3
239.8
72.3
699.6
543.0
643.5
445.6
488.7
-466.0
-378.2
-238.1
-289.3
17.3
-276.0
-335.8
-200.6
118.0
-60.6
-243.5
-178.7
2012P 1
-772.2
-1,424.0
41,527.0
42,951.0
-128.8
1,191.7
-411.1
P: Preliminary
Source: The Bank of Korea & Korea Customs Service
Economic Bulletin
63
10. Balance of payments (II) See graph 10-3

(million US$)
Period
Capital &
financial
account
Direct
investment
Portfolio
investment
Financial
derivative
2009
2010
2011
-34,651.2
-27,478.5
-31,964.6
-14,948.0
-22,184.3
-15,694.0
49,727.7
42,479.8
10,312.2
-3,093.0
828.9
-1,735.3
2,038.9
-21,414.4
-11,084.9
Changes in
reserve
assets
Errors and
omissions
289.6
-217.9
150.0
-68,666.4
-26,970.6
-13,912.6
1,860.7
-1,915.0
4,960.1
Capital transfers
Other
& acquisition of
investment non-financial
assets
2009
I
II
III
IV
-4,368.3
-12,936.8
-6,977.2
-10,368.9
-2,777.9
-2,032.0
-3,305.7
-6,832.4
2,784.6
15,927.2
21,226.9
9,789.0
-2,656.9
599.0
-1,050.9
15.8
6,917.1
-7,914.9
-251.1
3,287.8
382.3
25.8
-103.9
-14.6
-9,017.4
-19,541.8
-23,492.6
-16,614.6
-175.0
1,379.4
-1,636.0
2,292.3
2010
I
II
III
IV
743.2
-8,818.0
-9,103.9
-10,299.8
-2,873.4
-2,898.6
-6,617.3
-9,795.0
11,725.9
7,207.0
15,659.9
7,887.0
829.9
-882.1
-241.4
1,122.5
-191.2
-6,727.8
-7,519.0
-6,976.4
-179.8
20.3
-8.2
-50.2
-8,568.2
-5,536.8
-10,377.9
-2,487.7
-811.0
-1,916.7
-1,017.8
1,830.5
2011
I
II
III
IV
-2,754.1
-6,808.0
-8,320.9
-14,081.6
-4,696.3
-4,138.1
-2,807.6
-4,052.0
-1,379.1
2,035.4
8,108.4
1,547.5
730.3
-542.9
-1,490.7
-432.0
6,251.6
-1,432.5
-18,692.6
2,788.6
-181.4
-111.9
235.5
207.8
-3,479.2
-2,618.0
6,326.1
-14,141.5
143.8
1,315.8
1,424.9
2,574.8
2009 1
2
3
4
5
6
7
8
9
10
11
12
2,763.4
-4,063.6
-3,068.1
-3,595.1
-3,865.7
-5,476.0
-2,438.2
-2,160.3
-2,378.7
-4,817.0
-4,229.2
-1,322.7
-643.0
-1,095.1
-1,039.8
-695.3
-855.9
-480.8
-1,644.2
-865.9
-795.6
-749.1
-2,855.1
-3,228.2
4,715.2
122.8
-2,053.4
6,879.7
4,157.3
4,890.2
8,470.1
4,004.4
8,752.4
5,829.4
2,992.6
967.0
473.2
-771.2
-2,358.9
274.1
1,279.7
-954.8
-155.1
-870.3
-25.5
-509.1
614.2
-89.3
2,644.7
-1,255.7
5,528.1
-4,669.7
1,818.3
-5,063.5
-3,538.9
2,696.1
591.7
-1,429.4
712.9
4,004.3
61.9
195.6
124.8
60.3
-16.5
-18.0
3.4
-29.4
-77.9
6.9
-56.4
34.9
-4,488.6
-1,260.0
-3,268.8
-5,444.1
-10,248.6
-3,849.1
-5,573.6
-7,095.2
-10,823.8
-7,965.8
-5,637.4
-3,011.4
-963.2
1,483.8
-695.6
83.9
711.9
583.6
-1,616.6
860.1
-879.5
1,614.1
64.2
614.0
2010 1
2
3
4
5
6
7
8
9
10
11
12
-1,176.7
2,454.3
-534.4
1,044.1
-5,831.6
-4,030.5
-3,182.5
-615.0
-5,306.4
-4,519.4
-3,996.0
-1,784.4
-936.1
-549.9
-1,387.4
-1,102.5
-677.6
-1,118.5
-1,758.4
-1,139.5
-3,719.4
-6,893.6
-1,119.5
-1,781.9
171.9
2,771.5
8,782.5
6,093.5
1,073.0
40.5
8,698.4
1,650.2
5,311.3
8,528.1
2,243.9
-2,885.0
230.0
593.4
6.5
126.2
-799.8
-208.5
-227.3
124.6
-138.7
366.2
251.4
504.9
6,410.8
-912.6
-5,689.4
5,337.6
-12,610.7
545.3
-3,633.0
-25.7
-3,860.3
-3,814.4
-3,627.2
465.2
-70.6
-46.1
-63.1
-120.5
100.2
40.6
-0.5
12.0
-19.7
-47.1
-25.3
22.2
-6,982.7
598.0
-2,183.5
-9,290.2
7,083.3
-3,329.9
-6,261.7
-1,236.6
-2,879.6
-2,658.6
-1,719.3
1,890.2
1,776.2
-1,905.1
-682.1
-1,768.6
908.5
-1,056.6
-1,596.5
-1,053.5
1,632.2
-969.7
1,971.6
828.6
2011 1
2
3
4
5
6
7
8
9
10
11
12
-1,282.0
-1,996.2
524.1
394.7
-3,956.7
-3,246.0
-2,469.2
-1,690.6
-4,161.1
-4,391.9
-6,191.9
-3,497.8
-1,725.4
-1,635.1
-1,335.8
-7.38.8
-1,254.7
-2,144.6
327.1
-1,036.4
-2,098.3
-1,132.2
-2,077.1
-842.7
904.6
-3,004.0
720.3
4,575.0
-1,140.1
-1,399.5
9,258.3
-2,923.0
1,773.1
3,919.1
39.8
-2,411.4
569.3
-363.3
524.3
-206.2
165.1
-501.8
526.6
-1,868.6
-148.7
108.5
-379.9
-160.6
1,773.3
5,126.9
-648.6
-145.9
-821.7
-464.9
-6,581.0
4,638.4
-16,750.0
2,784.7
-6.2
-640.0
-120.7
-32.7
-28.0
-33.6
-49.9
-28.4
13.8
41.5
180.2
109.7
98.1
10.1
-2,683.1
-2,088.0
1,291.9
-3,055.8
-855.4
1,293.2
-6,014.0
-542.5
12,882.6
-10,181.7
-3,866.6
-93.2
1,127.3
870.1
-1,853.6
-1,672.3
1,772.8
1,215.3
-1,304.4
1,398.0
1,331.3
259.0
1,627.3
688.5
2012P 1
-1,217.7
-2,013.3
7,737.0
434.2
-2,278.3
-1.7
-2,660.2
-445.5
P: Preliminary
64
March 2012
11. Prices See graphs 11-1, 11-2 & 11-3

Consumer prices
(2010=100)
Producer prices
(2005=100)
Export & import prices

(2005=100)
Period
All Items
Commodity
Service
Core
All items
Commodity
Export
Import
2010
2011
100.0
104.0
100.0
105.7
100.0
102.7
100.0
103.2
115.1
122.1
117.0
125.8
106.4
111.1
145.0
164.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
98.8
99.0
99.2
99.6
99.7
99.6
99.8
100.3
101.1
101.1
100.6
101.0
98.3
98.6
98.9
99.6
99.5
99.2
99.5
100.3
102.0
102.0
100.8
101.5
99.2
99.4
99.5
99.7
99.9
99.9
100.2
100.3
100.4
100.4
100.6
100.7
99.3
99.5
99.4
99.6
99.8
99.9
100.1
100.3
100.4
100.4
100.4
100.7
112.7
113.0
113.7
114.6
115.2
114.8
114.9
115.2
116.3
116.4
116.7
117.8
113.9
114.5
115.3
116.4
117.1
116.6
116.7
117.1
118.6
118.6
118.9
120.5
103.5
104.7
104.0
103.8
106.7
109.9
109.4
107.4
106.9
105.0
106.3
109.6
136.9
137.6
139.2
140.9
144.7
147.6
147.0
147.4
147.4
146.1
149.2
156.1
2011 1
2
3
4
5
6
7
8
9
10
11
12
102.2
102.9
103.3
103.4
103.6
103.8
104.3
105.0
104.9
104.7
104.8
105.2
103.4
104.4
104.9
104.6
104.7
105.0
105.9
107.1
107.1
106.6
106.8
107.3
101.2
101.7
102.1
102.4
102.6
102.8
103.1
103.3
103.1
103.2
103.3
103.5
101.4
102.1
102.4
102.6
103.0
103.4
103.7
103.8
103.7
103.6
103.9
104.3
119.7
120.5
122.0
122.4
122.3
121.9
122.4
122.8
122.9
122.9
122.6
122.9
122.7
123.9
125.8
126.2
126.0
125.5
126.0
126.7
126.9
126.9
126.5
127.0
108.6
110.6
113.5
111.8
110.2
109.4
108.0
109.4
113.1
114.7
112.0
112.4
156.1
160.9
166.5
167.6
163.9
163.2
161.4
162.1
168.1
169.5
166.8
167.2
2012 1
2
105.7
106.1
107.9
108.5
103.9
104.2
104.6
104.7
123.8
124.7
122.8
129.0
113.6
112.8
168.5
169.3
2010
2011
3.0
4.0
4.6
5.7
1.9
2.7
1.8
3.2
3.8
6.1
4.6
7.5
-2.6
4.4
5.3
13.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
3.5
3.0
2.5
2.6
2.7
2.7
2.5
2.7
3.4
3.7
3.0
3.0
5.8
4.5
3.7
4.0
4.1
4.0
3.8
4.1
5.8
6.4
4.9
4.9
2.1
2.2
1.7
1.8
2.0
1.9
1.8
1.7
1.8
1.8
1.9
1.9
2.3
2.1
1.6
1.6
1.6
1.6
1.7
1.8
1.8
1.7
1.5
1.7
2.8
2.4
2.6
3.2
4.6
4.6
3.4
3.1
4.0
5.0
4.9
5.3
3.2
2.7
2.9
3.8
5.5
5.5
4.1
3.7
5.0
6.1
5.7
6.5
-6.9
-10.2
-12.2
-6.7
0.4
1.5
0.3
-1.7
-0.4
1.0
1.9
4.3
-0.9
-4.1
-4.3
5.1
11.3
8.0
7.5
5.7
7.8
8.1
8.2
12.7
2011 1
2
3
4
5
6
7
8
9
10
11
12
3.4
3.9
4.1
3.8
3.9
4.2
4.5
4.7
3.8
3.6
4.2
4.2
5.2
5.9
6.1
5.0
5.2
5.8
6.4
6.8
5.0
4.5
6.0
5.7
2.0
2.3
2.6
2.7
2.7
2.9
2.9
3.0
2.7
2.8
2.7
2.8
2.1
2.6
3.0
3.0
3.2
3.5
3.6
3.5
3.3
3.2
3.5
3.6
6.2
6.6
7.3
6.8
6.2
6.2
6.5
6.6
5.7
5.6
5.1
4.3
7.7
8.2
9.1
8.4
7.6
7.6
8.0
8.2
7.0
7.0
6.4
5.4
4.9
5.6
9.1
7.7
3.3
-0.4
-1.3
1.8
5.8
9.2
5.4
2.5
14.1
16.9
19.6
19.0
13.2
10.5
9.8
10.0
14.0
16.0
11.8
7.1
2012 1
2
3.4
3.1
4.4
3.9
2.7
2.5
3.2
2.5
3.4
3.5
4.2
4.1
4.6
2.1
7.9
5.2
Y-o-Y change (%)
Economic Bulletin
65
12. Employment See graphs 8-1, 8-2 & 8-3

Wage workers (thous.)
Economically active persons (thous.)

Period
Employed persons (thous.)
Unemployment (%)
Regular
Temporary
Daily
All industry Manufacturing S.O.C&service

2010
2011
24,748
25,099
23,829
24,244
4,028
4,091
18,214
18,595
3.7
3.4
16,971
17,397
10,086
10,661
5,068
4,990
1,817
1,746
2010 1
2
3
4
5
6
7
8
9
10
11
12
24,082
24,035
24,382
24,858
25,099
25,158
25,232
24,863
24,911
25,004
24,847
24,538
22,865
22,867
23,377
23,924
24,306
24,280
24,301
24,005
24,054
24,172
24,109
23,684
3,924
3,886
3,924
3,991
4,036
4,017
4,040
4,058
4,062
4,098
4,139
4,156
17,796
17,762
18,047
18,285
18,499
18,422
18,489
18,175
18,216
18,264
18,340
18,272
5.0
4.9
4.1
3.8
3.2
3.5
3.7
3.3
3.4
3.3
3.0
3.5
16,297
16,282
16,617
16,994
17,255
17,193
17,228
17,048
17,103
17,178
17,300
17,154
9,712
9,786
9,926
10,011
10,078
10,089
10,107
10,151
10,217
10,280
10,334
10,347
4,860
4,838
4,976
5,147
5,223
5,165
5,215
5,122
5,106
5,089
5,069
4,999
1,725
1,657
1,714
1,836
1,953
1,938
1,905
1,775
1,780
1,809
1,898
1,808
2011 1
2
3
4
5
6
7
8
9
10
11
12
24,114
24,431
24,918
25,240
25,480
25,592
25,473
25,257
25,076
25,409
25,318
24,880
23,196
23,336
23,846
24,303
24,661
24,752
24,636
24,495
24,318
24,673
24,589
24,125
4,148
4,149
4,122
4,108
4,137
4,135
4,079
4,031
4,014
4,044
4,054
4,071
18,007
18,019
18,244
18,536
18,731
18,812
18,844
18,739
18,595
18,856
18,921
18,833
3.8
4.5
4.3
3.7
3.2
3.3
3.3
3.0
3.0
2.9
2.9
3.0
16,832
16,856
17,065
17,357
17,626
17,720
17,667
17,510
17,378
17,608
17,650
17,496
10,305
10,390
10,543
10,618
10,708
10,716
10,718
10,710
10,764
10,796
10,838
10,824
4,848
4,781
4,782
4,928
5,064
5,132
5,137
5,031
5,047
5,094
5,047
4,986
1,680
1,684
1,740
1,812
1,854
1,872
1,811
1,769
1,567
1,718
1,765
1,686
2012 1
24,585
23,732
4,034
18,631
3.5
Y-o-Y change (%)
17,184
10,769
4,868
1,547
2010
2011
1.5
1.4
1.4
1.7
5.0
1.6
1.2
2.1
3.1
2.5
7.4
5.7
-0.7
-1.5
-7.4
-3.9
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
1.6
1.3
1.6
1.8
0.9
1.9
1.3
1.1
1.4
0.9
2.0
0.0
0.5
1.2
1.7
2.5
1.3
2.0
1.6
1.0
1.3
1.3
2.0
0.8
1.2
2.9
3.8
4.9
4.7
6.2
7.9
6.6
6.2
7.4
7.3
0.8
1.3
2.0
2.2
2.7
0.9
1.5
0.7
0.3
0.7
0.4
0.9
1.5
2.1
3.4
3.9
4.7
2.7
3.9
3.5
2.5
2.9
3.0
3.6
6.7
6.4
8.2
8.5
8.2
8.0
7.7
7.2
6.4
6.8
7.6
7.4
-2.4
-0.5
0.7
1.9
2.9
-2.2
-0.8
0.1
-0.9
-1.6
-3.6
-1.5
-12.4
-12.6
-12.6
-11.5
-6.6
-8.4
-2.4
-6.1
-7.8
-4.4
-1.7
-2.2
2011 1
2
3
4
5
6
7
8
9
10
11
12
0.1
1.6
2.2
1.5
1.5
1.7
1.0
1.7
0.7
1.6
1.9
1.4
1.4
2.1
2.0
1.6
1.5
1.9
1.4
2.0
1.1
2.1
2.0
1.9
5.7
6.7
5.1
2.9
2.5
2.9
1.0
-0.7
-1.2
-1.3
-2.1
-2.1
1.2
1.4
1.1
1.4
1.3
2.1
1.9
3.1
2.1
3.2
3.2
3.1
3.3
3.5
2.7
2.1
2.2
3.1
2.5
2.7
1.6
2.5
2.0
2.0
6.1
6.2
6.2
6.1
6.3
6.2
6.0
5.5
5.4
5.0
4.9
4.6
-0.3
-1.2
-3.9
-4.3
-3.0
-0.6
-1.5
-1.8
-1.2
0.1
-0.4
-0.3
-2.6
1.6
1.5
-1.3
-5.1
-3.4
-4.9
-0.3
-11.9
-5.0
-7.0
-6.7
2012 1
2.0
2.3
-2.8
3.5
2.1
4.5
0.4
-7.9
66
March 2012
13. Financial indicators See graphs 9-1 & 9-4

(period average)
Yields (%)
Stock
Period
Call rate
(1 day)
CD
(91 days)
Corporate bonds
(3 years, AA-)
Treasury bonds
(3 years)
Treasury bonds
(5 years)
KOSPI
(end-period)
2008 1
2
3
4
5
6
7
8
9
10
11
12
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.2
5.2
4.9
4.0
3.3
5.8
5.3
5.3
5.4
5.4
5.4
5.5
5.8
5.8
6.0
5.6
4.7
6.6
6.3
6.1
5.9
6.2
6.7
7.0
7.1
7.5
8.0
8.6
8.4
5.4
5.1
5.2
5.0
5.3
5.7
6.0
5.8
5.8
5.1
5.0
4.0
5.5
5.1
5.2
5.0
5.4
5.8
6.0
5.8
5.8
5.2
5.2
4.3
1,624.68
1,711.62
1,703.99
1,825.47
1,852.02
1,674.92
1,594.67
1,474.24
1,448.06
1,113.06
1,076.07
1,124.47
2009 1
2
3
4
5
6
7
8
9
10
11
12
2.4
2.1
1.8
1.8
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
3.2
2.7
2.5
2.4
2.4
2.4
2.4
2.5
2.6
2.8
2.8
2.8
7.3
7.1
6.1
5.7
5.2
5.2
5.5
5.7
5.6
5.6
5.4
5.4
3.4
3.8
3.7
3.8
3.8
4.1
4.1
4.4
4.4
4.5
4.3
4.2
4.0
4.6
4.5
4.4
4.5
4.7
4.6
4.9
4.9
4.9
4.8
4.8
1,162.11
1,063.03
1,206.26
1,369.40
1,395.89
1,390.07
1,577.29
1,591.85
1,673.14
1,580.69
1,555.60
1,682.77
2010 1
2
3
4
5
6
7
8
9
10
11
12
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.4
2.5
2.9
2.9
2.8
2.5
2.5
2.5
2.6
2.6
2.7
2.7
2.7
2.8
5.4
5.3
5.0
4.7
4.5
4.7
4.8
4.7
4.4
4.1
4.2
4.2
4.3
4.2
3.9
3.8
3.7
3.8
3.9
3.7
3.5
3.2
3.4
3.3
4.8
4.8
4.5
4.4
4.4
4.4
4.5
4.3
3.9
3.7
4.0
4.0
1,602.43
1,594.58
1,692.85
1,741.56
1,641.25
1,698.29
1,759.33
1,742.75
1,872.81
1,882.95
1,904.63
2,051.00
2011 1
2
3
4
5
6
7
8
9
10
11
12
2.7
2.8
2.9
3.0
3.0
3.2
3.3
3.3
3.3
3.2
3.3
3.3
2.9
3.1
3.4
3.4
3.5
3.5
3.6
3.6
3.6
3.6
3.6
3.6
4.5
4.7
4.5
4.5
4.4
4.4
4.5
4.2
4.2
4.3
4.2
4.2
3.7
3.9
3.7
3.7
3.7
3.7
3.8
3.6
3.5
3.5
3.4
3.4
4.3
4.4
4.1
4.1
4.0
3.9
4.0
3.7
3.6
3.6
3.5
3.5
2,069.73
1,939.30
2,106.70
2,192.36
2,142.47
2,100.69
2,133.21
1,880.11
1,769.65
1,909.03
1,847.51
1,825.74
2012 1
2
3.3
3.3
3.6
3.5
4.2
4.3
3.2
3.4
3.5
3.6
1,955.79
2,030.25
Economic Bulletin
67
14. Monetary indicators See graph 9-5

(period average)
Period
(billion won)
Reserve money
M1
M2
Lf
2010
2011
67,585.1
75,232.0
399,412.3
425,675.1
1,639,675.1
1,708,984.5
2,096,534.8
2,974,440.3
2010 1
2
3
4
5
6
7
8
9
10
11
12
65,054.7
66,563.8
65,643.6
64,274.7
67,835.1
66,250.8
66,958.2
67,318.7
70,266.5
69,905.0
69,476.8
71,472.9
381,218.2
387,858.6
386,015.4
388,174.7
394,880.2
400,132.8
403,785.1
400,882.5
403,413.5
405,000.1
414,912.8
425,673.9
1,574,215.8
1,595,403.8
1,607,896.1
1,621,176.9
1,630,904.7
1,647,981.2
1,653,057.5
1,653,907.2
1,659,400.1
1,669,376.6
1,679,909.9
1,682,871.9
2,019,563.5
2,041,164.1
2,056,233.7
2,069,616.1
2,084,007.4
2,104,724.0
2,111,672.2
2,113.052.7
2,123.558.2
2,134,385.4
2,145,901.5
2,154,538.9
2011 1
2
3
4
5
6
7
8
9
10
11
12
73,540.8
75,432.1
73,012.7
73,206.1
73,828.5
74,705.5
74,069.7
75,642.3
77,942.2
76,944.6
76,617.3
77,842.5
429,368.1
432,482.8
430,936.6
425,420.5
423,994.7
421,885.3
418,973.1
422,649.3
425,196.4
421,480.1
423,111.9
432,602.2
1,676,448.8
1,674,390.5
1,677,475.9
1,684,792.3
1,690,543.0
1,697,204.2
1,705,451.5
1,719,437.8
1,729,531.1
1,742,645.4
1,753,296.4
1,756,579.4
2,152,814.0
2,148,254.1
2,152,736.5
2,163,485.7
2,175,557.3
2,189,729.2
2,208,624.3
2,230,191.9
2,243,675.6
2,263,627.7
2,279,234.1
2,974,440.3
2012 1
81,635.4
440,852.9
Y-o-Y change (%)
1,758,558.7
2,293,667.3
2010
2011
9.5
11.3
11.8
6.6
8.7
4.2
8.2
9.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
1.6
5.6
0.0
4.7
12.9
11.3
12.7
11.1
17.8
9.8
13.6
14.1
15.0
15.9
12.6
10.8
10.9
10.5
11.1
11.0
10.2
9.0
11.8
12.9
9.3
9.4
9.3
9.4
9.3
9.7
9.3
8.5
8.1
7.6
7.4
7.2
8.1
8.6
8.8
9.0
8.9
9.3
8.8
8.0
7.7
7.2
7.3
6.9
2011 1
2
3
4
5
6
7
8
9
10
11
12
13.0
13.3
11.2
13.9
8.8
12.8
10.6
12.4
10.9
10.1
10.3
8.9
12.6
11.5
11.6
9.6
7.4
5.4
3.8
5.4
5.1
4.1
2.0
1.6
6.5
5.0
4.3
3.9
3.7
3.0
3.2
4.0
4.2
4.4
4.4
4.4
6.6
5.2
4.7
4.5
4.4
4.0
4.6
5.5
5.7
6.1
6.2
6.2
2012 1
11.0
2.7
4.9
6.5
68
March 2012
15. Exchange rates See graphs 9-2 & 9-3
/US$
/100
/Euro
Period
End-period
Average
End-period
Average
End-period
Average
2010
2011
1,138.9
1,153.3
1,156.3
1,108.1
1,397.1
1,485.2
1,320.6
1,391.3
1,513.6
1,494.1
1,532.9
1,541.4
2010 1
2
3
4
5
6
7
8
9
10
11
12
1,156.5
1,158.4
1,130.8
1,115.5
1,200.2
1,210.3
1,187.2
1,189.1
1,142.0
1,126.6
1,157.3
1,138.9
1,138.8
1,157.1
1,137.6
1,117.1
1,163.1
1,212.3
1,207.3
1,179.9
1,167.0
1,123.4
1,126.2
1,147.6
1,287.0
1,299.3
1,217.7
1,186.8
1,318.5
1,364.6
1,370.0
1,406.0
1,363.3
1,390.7
1,373.4
1,397.1
1,248.3
1,281.7
1,255.8
1,195.3
1,265.2
1,333.6
1,377.7
1,380.2
1,384.2
1,371.1
1,366.6
1,376.7
1,614.6
1,569.2
1,518.2
1,479.3
1,474.2
1,475.4
1,552.4
1,505.9
1,556.0
1,569.3
1,518.3
1,513.6
1,627.5
1,584.5
1,544.9
1,501.7
1,460.7
1,480.9
1,540.3
1,523.3
1,518.7
1,559.6
1,541.3
1,515.4
2011 1
2
3
4
5
6
7
8
9
10
11
12
1,114.3
1,127.9
1,107.2
1,072.3
1,080.6
1,078.1
1,052.6
1,071.7
1,179.5
1,104.5
1,150.3
1,153.3
1,120.1
1,118.1
1,122.5
1,086.8
1,083.5
1,081.3
1,059.5
1,073.2
1,118.6
1,155.5
1,132.3
1,147.5
1,356.6
1,380.7
1,331.9
1,313.8
1,335.6
1,335.7
1,353.2
1,396.8
1,536.6
1,458.0
1,475.7
1,485.2
1,356.3
1,351.0
1,376.2
1,304.8
1,333.6
1,342.8
1,333.4
1,391.4
1,456.5
1,508.2
1,460.0
1,473.4
1,514.0
1,549.5
1,563.5
1,591.2
1,549.7
1,560.5
1,507.9
1,547.3
1,601.4
1,562.7
1,532.9
1,494.1
1,495.4
1,524.6
1,572.6
1,569.4
1,551.3
1,555.4
1,515.4
1,538.7
1,542.4
1,584.0
1,536.6
1,511.0
2012 1
2
1,125.0
1,126.5
1,145.9
1,123.4
1,473.1
1,399.2
1,488.7
1,433.7
1,478.2
1,516.3
1,477.2
1,486.0
-2.5
1.3
-9.4
-4.2
-3.1
5.4
-9.6
-1.3
-13.6
0.6
2010 1
2
3
4
5
6
7
8
9
10
11
12
-15.5
-23.6
-17.9
-17.2
-5.7
-5.8
-4.3
-4.5
-3.9
-6.2
-0.9
-2.5
-15.4
-19.1
-22.2
-16.8
-7.6
-3.9
-4.5
-4.7
-4.3
-4.4
-3.3
-1.6
-15.4
-15.7
-13.9
-14.2
0.3
2.1
5.4
5.5
3.4
5.9
1.9
10.6
-16.1
-17.1
-16.0
-11.9
-3.0
2.2
3.0
5.8
3.9
5.4
4.8
5.8
-8.7
-18.7
-16.4
-17.2
-16.8
-18.5
-11.1
-15.4
-10.3
-11.9
-13.3
-9.6
-9.3
-13.4
-18.9
-15.2
-15.0
-16.2
-13.4
-13.8
-14.4
-10.5
-11.2
-11.1
2011 1
2
3
4
5
6
7
8
9
10
11
12
-3.6
-2.6
-2.1
-3.9
-10.0
-10.9
-11.3
-9.9
3.3
-2.0
-0.6
1.3
-1.6
-3.4
-1.3
-2.7
-6.8
-10.8
-12.2
-9.0
-4.1
2.8
0.5
0.0
5.4
6.3
9.4
10.7
1.3
-2.1
-1.2
-0.7
12.7
4.8
7.4
6.3
8.7
5.4
9.6
9.2
5.4
0.7
-3.2
0.8
5.2
10.0
6.8
7.0
-6.2
-1.3
3.0
7.6
5.1
5.8
-2.9
2.7
2.9
-0.4
1.0
-1.3
-8.1
-3.8
1.8
4.5
6.2
5.0
-1.6
1.0
1.6
1.6
-0.3
-0.3
2012 1
2
1.0
-0.1
2.3
0.5
8.6
1.3
9.8
6.1
-2.4
-2.1
-1.2
-2.5
2010
2011
Y-o-Y change (%)

10.6
6.3
Economic Bulletin
69
Editor-in-Chief
Park Chun-Sup (MOSF)
Editorial Board
Kim Young-Min (MOSF)
Shim Jae-Hak (KDI)
Lee Sung-Shin (KDI)
Coordinators
Kim Dae-Hyun (MOSF)
Cho Hyun-Joo (KDI)
Editors
Cho Eun-Hyung (MOSF)
Eli Horn (MOSF)
Lee Ji-Youn (KDI)
Useful Economy-related Websites

Ministry of Strategy and Finance
http://english.mosf.go.kr
Ministry of Knowledge Economy
http://www.mke.go.kr/language/eng
Financial Services Commission
http://www.fsc.go.kr/eng
Financial Supervisory Service
http://english.fss.or.kr
Fair Trade Commission
http://eng.ftc.go.kr
Ministry of Labor
http://english.molab.go.kr/english
The Bank of Korea
http://www.bok.or.kr/eng
Statistics Korea
http://kostat.go.kr/portal/english

Economic Bulletin (Vol. 34 No.3)

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Economic Bulletin (Vol. 34 No.3)

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Vol. 34 | No.

1. External economic situation

5. Exports and imports

6. Mining and manufacturing production

7. Service sector activity

10. Balance of payments

11. Prices and international commodity prices

12. Real estate market

13. Industrial output and composite indices of business cycle

Introduction of Koreas knowledge sharing program

Economic News Briefing

The Green Book

1. External economic situation

54.1 (Jan 2012)

1.5 (Jan 2012)

However, growth in personal consumption expenditure has stalled despite the

75.0 (Jan 2012)

West Texas Intermediate ($/barrel)

100.4 (Jan 2012)

(Percentage change from previous period)

- Personal consumption expenditure

- Corporate fixed investment

- Housing construction investment

Existing home sales

Personal consumption expenditure

2. Annualized rate (%)

Source: US Department of Commerce

US GDP (q-o-q, annualized rate)

US non-farm payroll employment (m-o-m change)

US federal funds rate and consumer prices

50.5 (Jan 2012)

(Percentage change from same period in previous year)

Fixed asset investment (accumulated)

-1.48 (Jan 2012)

Consumer prices (y-o-y)

Chinas GDP and fixed asset investment

Japans GDP growth

Eurozone GDP growth and industrial production

24.0 (Jan 2012)

Consumer goods sales

Consumer goods sales

Consumer goods sales by type

Considering advanced indicators, retail sales are expected to be somewhat sluggish in

1,978 (1st week of Feb)

1,979 (2nd week of Feb)

1,983 (3rd week of Feb)

11.2 (Jan 2012)

Disconut store sales (y-o-y, %)

2.7 (Jan 2012)

-4.1 (Jan 2012)

Department store sales (y-o-y, %)

Domestic sales of gasoline (y-o-y, %)

7.6 (Jan 2012)

Domestic sales of cars (y-o-y, %)

-19.9 (Jan 2012)

Sources: Ministry of Knowledge Economy

536 (Jan 2012)

Consumer prices (y-o-y, %)

3.4 (Jan 2012)

Sentiment index for economic outlook (base=100)

Department store and discount store sales (current value)

Domestic automobile sales

Consumer sentiment index

Source: Statistics Korea